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Attacks on container ships in the Red Sea have wreaked havoc on one of the world’s most important trade routes, increasing shipping costs and raising inflation fears. Here’s what you need to know.
COPENHAGEN (Reuters) -Maersk said on Thursday Red Sea trade disruptions would not be a major boost for the company and an oversupply of vessels would hit its earnings this year, sending its shares sharply lower. The warning, which also led the Danish group to suspend its share buyback programme, is in stark contrast with investors' recent optimism about the sector. Shipping companies have been among the best performing stocks in Europe so far in 2024 as the re-routing of vessels following attacks on shipping by Iranian-backed Houthi militants in the Red Sea - a major trading route - boo...
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The sharp drop in freight prices following the pandemic has caused a slump in sales and profits at German container shipping company Hapag-Lloyd. At the end of the year, the conflict in the Red Sea also had an impact on transport volumes, the company announced on Tuesday. The diversion shipping firms have decided to take around the Cape of Good Hope at the southern tip of Africa has greatly extended travel times. According to preliminary calculations, the Hamburg-based shipping company achieved
Retailers and ocean carriers assess the possible effects in the U.S. if supply chain disruptions in the Middle East continue. The post Red Sea cargo diversions could affect 2024 holiday shipping appeared first on FreightWaves.