Red Sea disruptions to continue into Q3 for shipping companies

02 Jul 2024 CW Team

The coming months will be challenging for carriers and businesses as disruptions to container shipping via the Red Sea persist into the third quarter, Danish shipping company Maersk stated. Maersk and other shipping companies have rerouted vessels around Africa's Cape of Good Hope since December to avoid attacks by Iran-aligned Houthi militants in the Red Sea, resulting in longer voyage times and increased freight rates. Maersk noted that the on-going detours are causing higher costs that could become more entrenched the longer the situation continues. "We don't know yet exactly how much of these costs we will recover and for how long. The higher rates we are seeing right now are of a temporary nature," Vincent Clerc, CEO said during a recent online event with customers. (Source: ET)

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