Red Sea Crisis Drove Shipping Rates Up Faster than COVID, But Some Are Falling
The Red Sea crisis is resulting in faster rate increases than the start of the COVID-19 pandemic.
January Pushes Air Cargo Volumes Up 10% as Red Sea Conflict and Lunar New Year Combine
Global air cargo volumes rose by 10% year on year in January as shippers’ concerns over hostilities in the Red Sea and an early Lunar New Year more than compensated for an anticipated post-Christmas drop in ecommerce traffic, according to the latest weekly market analysis by Xeneta.
As Navies Focus on Red Sea Houthis, There Are Worrying Signs Somali Pirates Are Making a Comeback
With western navies focused on trying to quell Houthi militants’ attacks on merchant shipping in the Red Sea, Somali pirates are quietly showing signs of making a comeback.
Maersk Line Ltd. Quits Red Sea After Attack on U.S.-Flag Ships
On Wednesday, A.P. Moller-Maersk said that two of its U.S.-flag ships had detected nearby explosions while transiting Bab el-Mandeb, and had turned back from the strait on the U.S. Navy’s instructions. The company says its U.S. ships will now also suspend Red Sea operations.
Mexico Aims to Compete with Panama Canal Using Cargo Trains
With drought at the Panama Canal and conflicts in the Red Sea and other global shipping lanes disrupting trade, officials in Mexico predict a golden opportunity for the country’s $2.8 billion Isthmus of Tehuantepec’s Interoceanic Corridor (CIIT) project.
Insurance Refusal and Higher Premiums Add to Pressure on Carriers
Insurers are beginning to refuse U.S., UK and Israeli carriers cover for their vessels transiting the Red Sea – and alternative routings also risk heightened premiums.
‘Nervousness’ as Container Shortage Starts to Impact Indian Exporters
Apart from rocketing freight rates, Indian exporters face another supply chain challenge linked to the Red Sea crisis: equipment availability. A shortage of empty containers is building at major container ports and hinterland locations.
Scheduling Chaos Puts Carriers Under Pressure from Shippers
Carriers are coming under some pressure from their major VIP shippers to announce temporary network changes, so that their supply chains can be adjusted to match.
Maersk/Hapag Gemini Cooperation Takes Liner Industry by Surprise
Ahead of the divorce from 2M Alliance partner MSC, Maersk has formed a new long-term operational collaboration with THE Alliance lead line Hapag-Lloyd. The ‘Gemini Cooperation’ will start in February 2025.
Port of Prince Rupert Handles 23.5 Million Tonnes of Cargo in 2023, A 5 Percent Annual Decline
The Prince Rupert Port Authority (PRPA) moved 23.5 million tonnes of cargo through the Port of Prince Rupert in 2023, five percent less than volumes in 2022.