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Date: 08/05/2024

Red Sea crisis seen cutting capacity between the Far East & Europe
 
The disruption to container shipping traffic in the Red Sea is increasing and is expected to reduce the industry’s capacity between the Far East and Europe by some 15%-20% in the second quarter, according to shipping group Maersk. Maersk and other shipping companies have diverted vessels around Africa’s Cape of Good Hope since December to avoid attacks by Houthi militants in the Red Sea, with the longer voyage times pushing freight rates higher. The Danish company earlier said that shipping disruptions caused by the Red Sea attacks were expected to last at least until the end of the year.  Maersk is doing what it can to boost reliability, including sailing faster and adding capacity. It has so far leased more than 125,000 additional containers. The company has added capacity where possible in line with its customers’ needs, said a report.
 
Source: Exim News Service: Copenhagen/Jeddah, May 7



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