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May 20, 2024

In early May, global shipping giant Maersk reported that the complex political situation in the Red Sea has intensified in recent months. To safeguard crew and cargo, the company is rerouting around Africa’s Cape of Good Hope. The extra transit days costs about 40 per cent more in fuel per journey.


The knock-on effects of the situation have included bottlenecks and vessel bunching, as well as delays and equipment and capacity shortages.

 

“We estimate an industry wide capacity loss of 15-20 per cent on the Far East to North Europe and Mediterranean market during Q2,” the newsletter reported.

 

The company has added capacity, leasing more than 125,000 additional containers. Invoices reflect surcharges to cover these extra costs.

 

 

Source:  Maersk website

 

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Submitted by Karen Davidson on 20 May 2024