Carriers Adapt To Red Sea Disruptions, Boosting Charter Market And Reshaping Networks

• The recent enforced schedule changes, redirecting ships via the Cape of Good Hope due to Houthi attacks in the Red Sea, have prompted carriers to introduce more hub-and-spoke services to address gaps in their networks.
• This adaptation is particularly noticeable in services to and from the Mediterranean, which is significantly affected by the absence of Suez Canal transits.
• Weekly transshipment links are also emerging as a viable option for carriers looking to streamline port calls in Asia and North Europe.

Maersk’s Weekly Service Redesign

Starting next week, Maersk is set to launch a weekly service from Arabian Gulf ports, circumventing the Cape of Good Hope, and connecting to various ports in both the west and east Mediterranean. Port Tangier and Port Said will serve as transshipment hubs in the Mediterranean, while Salalah and Jebel Ali will play a similar role in the Arabian Gulf.

The shift in strategy is expected to impact cargo connections, leading to fewer direct port calls and an increased reliance on transshipment hubs, especially in the Mediterranean. Lars Jensen from Vespucci Maritime anticipates that other carriers will follow suit, reshaping their networks to adapt to the new reality.

Dynamic Containership Charter Market

Carriers, in response to the changes, are actively seeking additional tonnage to cover the new routes. The containership charter market is described as dynamic, with increased activity reported in the feeder segment. Brokers have seen a surge in enquiries from carriers seeking prompt feeder tonnage, ranging from anything that floats to panamax size (up to 4,000 TEU), primarily for Mediterranean routes but also for North Europe and Asia.

Despite the upcoming holidays in the Far East, containership owners can expect a positive outlook. Braemar, a London-based shipbroker, notes that the frequency of fixings is likely to remain elevated, with potential further adjustments on the horizon.

Time-Charter Rates Expected to Rise

Maritime Strategies International, a maritime analyst, anticipates a rise in time-charter rates for container vessels during the first quarter. The expectation is that charter rates will continue to stay above current levels in Q2 as liners address network gaps, cater to additional transshipment needs, and capitalize on higher freight rates. The containership market is experiencing a period of significant activity and adjustments as carriers navigate the challenges posed by disruptions in the Red Sea.

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Source: The Loadstar

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