Supply chains are in chaos, as it appears even the power of the US Navy is proving insufficient to deter attacks on commercial shipping in the Red Sea, with costs set to soar ever higher.
Re-suspend services
Having just days earlier said it would resume services through the waterway, Maersk announced it would re-suspend services after Yemen-based, Iranian-backed Houthi militants attacked its 15,000 teu box ship Hangzhou on Saturday.
The attack
The attack on the Hangzhou began around 5pm on 30 December when it was struck by a missile and, while the US Navy intercepted two further missiles aimed at the vessel, a more audacious attack commenced in the early hours of Sunday, when four small boats seeking to land militants aboard to take control of the ship.
According to reports, three of the four small vessels used in the attack were sunk, with all militants killed, but this was not sufficient to prevent Maersk reinstating the suspension of services it had relaxed on 24 December.
A coalition of US and, it is claimed, units from 20 other countries aimed to protect commercial shipping using the Red Sea through Operation Prosperity Guardian, launched on 19 December.
New surcharges
For forwarders and shippers, this has led to a surge in costs amid a raft of new surcharges by carriers and a concomitant delay in deliveries.
“Rates are increasing, with a large number of acronyms and mechanisms being employed, from established GRIs and PSSs to new ones,” a forwarder told The Loadstar.
“These include contingency surcharges, contingency adjustment charges and emergency contingency surcharges. Unless you accept, you don’t get your freight moved.”
Acknowledging that sending vessels on longer routes would add to carrier administration and operating costs, the source said they would not be surprised if part of the aim behind the new surcharges was to help carriers arrest the bottoming-out of rates that encapsulated 2023.
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Source : Loadstar
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