The recent attacks by Houthi forces on ships in the Red Sea have significantly disrupted global shipping, causing container rates to surge and shipping rates to reach record levels not seen since the pandemic. This disruption has led to a notable increase in global sea transport, with the 'tonne-miles' metric experiencing its largest annual jump since 2010. The situation has also caused container prices to double and leasing rates to triple in China. Container freight futures opened up 2% to start the week. The CEO of Maersk has indicated that the higher rates are temporary but acknowledged the challenges carriers and businesses will face as the Red Sea situation extends into the third quarter of 2024. The disruption has also resulted in mixed performance in the shipping industry, with dry bulk showing strength while tankers and car carriers remain weak. Additionally, importers stocking up for Christmas are contributing to the increased demand.
⚠️ MAERSK - COMING MONTHS WILL BE CHALLENGING FOR CARRIERS AND BUSINESSES ALIKE, AS RED SEA SITUATION STRETCHES INTO Q3 OF 2024 **MAERSK CEO - THE LONGER THAT THIS LASTS, THE MORE OUR COSTS WILL GET DEEPLY INGRAINED **MAERSK CEO - WE DON'T KNOW YET EXACTLY HOW MUCH OF THESE…
MAERSK CEO - WE WILL HAVE IN COMING MONTH MISSING POSITIONS OR SHIPS THAT ARE SAILING THAT ARE SIGNIFICANT DIFFERENT SIZE FROM WHAT WE NORMALLY WOULD HAVE ON THAT STRING, WHICH WILL ALSO IMPLY REDUCED ABILITY FOR US TO CARRY ALL DEMAND THAT THERE IS
MAERSK CEO - THE HIGHER RATES WE ARE SEEING RIGHT NOW ARE OF A TEMPORARY NATURE
MAERSK CEO - WE DON'T KNOW YET EXACTLY HOW MUCH OF THESE COSTS WE WILL RECOVER AND FOR HOW LONG
MAERSK CEO - THE LONGER THAT THIS LASTS, THE MORE OUR COSTS WILL GET DEEPLY INGRAINED
MAERSK - COMING MONTHS WILL BE CHALLENGING FOR CARRIERS AND BUSINESSES ALIKE, AS RED SEA SITUATION STRETCHES INTO Q3 OF 2024
Container Prices Double, Leasing Rates Triple in China #logistics #shipping #freight https://t.co/WPXSnhgSKc
Global Sea Transport Leaps Most Since 2010 After Red Sea Attacks https://t.co/3GJ76IFDJl
Shipping 'Tonne-Miles' Leap Most Since 2010 After Red Sea Attacks https://t.co/LKxfbPv9Ds
A gauge of global sea transport is heading for its biggest annual jump since 2010 after attacks in the Red Sea have forced ships to travel longer distances. https://t.co/T82PCoiOtE
The Red Sea shipping crisis and Egypt #logistics #shipping #freight https://t.co/GDfjYGBHV0
First year-over-year, sequential gains since February 2023, according to @TRUCKINGdotORG. #Truck #Tonnage #Index. #trucks #trucking #truckingindustry #freight #Logistics For the full story, visit: https://t.co/x5HV9Ou1Nz https://t.co/ExrjF4AtBo
Updated data on #shipping #SuezCanal transits via the #RedSea https://t.co/2E9wduvWyc
Mixed Monday in Europe. Tankers and car carriers weak. Dry bulk strong. $MAERSK strong. - Tankers -1-2%. $FRO -4% - Dry Bulk: +2%. $BELCO -2% - VLGCs -1% - $MAERSK +5%, $HLAG +1% - Car Carriers -2-3% $AGAS $BWLPG $GCC $WAWI $OET $HAFNI $FRO $TRMD $DIS.MI $GOGL $CADLR $CLCO https://t.co/2nNtcBv07V
Volatile weather is a peril of the high seas. Volatile markets are similarly treacherous for the container-ship industry. We explain how importers stocking up for Christmas and disruption in the Red Sea are putting wind in shipping lines’ sails https://t.co/5VzPwulDZ5 👇
Container freight futures open up 2% to start the week. $ZIM $MAERSK $HLAG https://t.co/YvRztRVel2
Global container rates are surging again.
"Major breakout" from the 5 year freight recession trend. Perhaps signalling a sustainable recovery in US transportation activity. Bullish oil. https://t.co/PTbj60rYAZ
The disruption caused by Houthi attacks on ships in the Red Sea has sent shipping rates back to records surpassed only during the pandemic. How long can they last? https://t.co/y7OKzz2kTD 👇