When the Red Sea crisis emerged and vessels began sailing around Africa, the Asia-Europe supply chain became 7-14 days longer, depending on port-pair configurations. When supply chains become longer, it effectively also means that most shippers increase their inventories by that amount, as the cargo on the vessels is de facto an inventory. In 2024, demand on Asia-Europe grew by 8.5%. However, when accounting for the transit times, and hence inventory increase of 7-14 days, Asia-Europe growth drops to 4.5%-6.5% (depending on the lengthening of the supply chain between 7-14 days). This means, that the Asia-Europe trade saw a demand growth boost of 2-4 percentage points (PP) purely due to the increased transit times. If we reasonably average the supply chain lengthening to 10 days, then the demand growth boost on Asia-Europe equates to 2.9 PP. (....)