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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Maersk to send almost all ships via Suez, schedule shows

The world's first methanol-fueled container vessel Laura Maersk, owned by shipping company Maersk, is seen in Copenhagen, Denmark September 14, 2023. REUTERS/Jacob Gronholt-Pedersen/File Photo
The world's first methanol-fueled container vessel Laura Maersk, owned by shipping company Maer... The world's first methanol-fueled container vessel Laura Maersk, owned by shipping company Maersk, is seen in Copenhagen, Denmark September 14, 2023. REUTERS/Jacob Gronholt-Pedersen/File Photo
The world's first methanol-fueled container vessel Laura Maersk, owned by shipping company Maersk, is seen in Copenhagen, Denmark September 14, 2023. REUTERS/Jacob Gronholt-Pedersen/File Photo
The world's first methanol-fueled container vessel Laura Maersk, owned by shipping company Maer... The world's first methanol-fueled container vessel Laura Maersk, owned by shipping company Maersk, is seen in Copenhagen, Denmark September 14, 2023. REUTERS/Jacob Gronholt-Pedersen/File Photo

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A breakdown of the group’s timetable that Reuters published on Thursday revealed that the Danish shipping company Maersk (Maersk. CO) would direct practically all container boats traveling between Asia and Europe through the Suez Canal from this point forward. At the same time, just a few of these vessels will be diverted across Africa.

After Yemen’s Houthi militant organization began targeting vessels, major shipping corporations, notably container giants Maersk and Hapag-Lloyd (HLAG.DE), stopped utilizing Red Sea routes and the Suez Canal earlier this month. This was done in response to the disruption of global trade that the Houthi militant group caused.

Instead, they redirected ships around Africa via the Cape of Good Hope to escape assaults. As a result, they increased the money they charged their clients and extended the time it took to convey products from Asia to Europe and the East Coast of North America by several days or weeks.

However, Maersk said on December 24 that it was preparing to return to the Red Sea. The company cited the deployment of a military operation under American command to safeguard boats as the justification for this choice. On Wednesday, Maersk posted schedules showing ships heading for Suez in the following weeks.

Even though Maersk has rerouted 26 of its ships around the Cape of Good Hope in the past ten days, only five more were planned to go on the same voyage, according to a thorough assessment of the situation.

On the other hand, according to the timetable provided by the firm, more than fifty Maersk boats are scheduled to pass through Suez in the following weeks.

On the other hand, Maersk stated that its alliance partner, Mediterranean Shipping Company (MSC), continued to route all MSC boats through the Cape of Good Hope for the time being. This was the case regardless of the date or place of departure and the direction in which the vessels were traveling.

In response to a request for comment, MSC did not immediately respond. On Wednesday, Hapag Lloyd stated that it continued to believe that the situation was too risky for people to travel via the Suez Canal. The company also stated that it intended to assess the situation on Friday.

The Suez Canal is utilized by approximately one-third of the container ship freight transported worldwide. It is anticipated that rerouting ships around the southernmost tip of Africa will result in an increase of up to one million dollars in fuel costs for every round voyage between Asia and Scandinavia.

According to the itinerary, two third-party vessels that were part of Maersk’s alliance and were scheduled to take sail in the following weeks would be rerouted around Africa. In contrast, the remaining vessels would transit through Suez rather than around Africa.

According to what Maersk has stated, all itineraries are still open to modification by particular contingency plans that may be developed over the next several days. In response to a request for comment, the corporation did not immediately respond.


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