Attacks on vessels in the Red Sea by Iran-aligned Houthi militants have disrupted a shipping route vital to east-west trade, with prolonged rerouting of shipments pushing freight rates higher and causing congestion in Asian and European ports, reports Reuters.
Below are actions taken by some shipping companies
CMA CGM
The French shipping group has suspended most Red Sea voyages but is still sending some cargoes on a case-by-case basis when French navy escorts are possible, Chairman and CEO Rodolphe Saade said on Feb. 29. The company expects disruptions to commercial shipping to last months.
Diana Shipping
The company’s vessels are avoiding the Suez Canal. “Suez Canal transits are running about 40% below those seen during the first half of December last year. This is partially the result of several operators including ourselves avoiding the area,” President Anastasios Margaronis said on Feb. 23.
DSV
The world’s third-largest freight forwarder said on July 24 that higher freight volume boosted earnings in the second quarter and that it expects a positive impact from disruptions in the Red Sea in the second half of the year.
Euronav
The Belgian oil tanker firm said on Dec. 18 it would avoid the Red Sea until further notice.
Evergreen
The Taiwanese container shipping line said on Dec. 18 that its vessels on regional services to Red Sea ports would sail to safe waters nearby, while ships scheduled to pass through the Red Sea would be rerouted around Africa.
Frontline
The Norway-based oil tanker group said on Dec. 18 that its vessels would avoid the Red Sea and the Gulf of Aden.
Gram Car Carriers
The Norwegian auto carrier said on Dec. 21 that its vessels were restricted from passing through the Red Sea.
Hafnia
The Norwegian shipping firm said on Jan. 12 that it had halted all ships heading towards or within the Bab al-Mandab Strait.
Hapag-Lloyd
The German container shipping line, which in January decided to reroute its vessels around Africa until further notice, said on June 11 that it did not expect the shipping industry to resume sailing in the Red Sea even if a ceasefire between Hamas and Israel was reached immediately. It said on March 14 that the Red Sea disruptions and global vessel oversupply would force it to cut expenses in 2024, including adapting sailings.
HMM
The South Korean container shipper said on Dec. 19 that it had ordered ships that would normally use the Suez Canal to reroute around Africa.
Hoegh Autoliners
The Norwegian auto carrier said on Dec. 20 it would stop sailing via the Red Sea. On Feb. 8, it said the disruptions were adversely impacting its capacity and volumes.
Klaveness Combination Carriers
The Norway-based fleet operator said on Jan. 16 that it would not trade any of its vessels through the Red Sea until the situation improves.
Kuehne + Nagel
The Swiss logistics group said on March 1 that it expected the impact of the Red Sea crisis to last into the coming quarters. The company said on July 23 the impact of the Red Sea crisis was “minimal”, adding it was ready for higher second-half demand after increased use of its Sea-Air Logistics service.
Maersk
The Danish shipping group, which suspended Red Sea traffic on Jan. 5 “for the foreseeable future”, said on July 17 it was experiencing a cascading impact from disruptions in the region, with congestions to its entire ocean network. On July 1, it forecasted that the upcoming months would be challenging for carriers and businesses, as disruptions continue into the third quarter.
MSC
Mediterranean Shipping Company said on Dec. 16 that its ships would not transit through the Suez Canal.
Nippon Yusen
Japan’s biggest shipper by sales suspended navigation through the Red Sea for all vessels it operates, a spokesperson told Reuters on Jan. 16.
Ocean Network Express
The joint venture between Japan’s Kawasaki Kisen Kaisha, Mitsui O.S.K. Lines, and Nippon Yusen said on Dec. 19 that it would reroute vessels from the Red Sea to the Cape of Good Hope or temporarily pause journeys and move to safe areas.
SOCIAL
The Hong Kong-headquartered container group said on Dec. 21 it had instructed its vessels to either divert away from the Red Sea or suspend sailing. It also stopped accepting cargo to and from Israel until further notice.
Star Bulk
Star Bulk’s CEO said on Feb. 13 that the Greece-headquartered company would halt sailings through the Red Sea after Houthis attacked two of its ships.
Tailwind Shipping Lines
The Lidl unit, which transports non-food goods for the discount supermarket chain and goods for third-party customers, said in December it was sailing around Africa for now.
Torm
The Danish oil tanker group said on Jan. 12 that it had decided to pause all transits through the southern Red Sea for now.
Wallenius Wilhelmsen
The Norwegian shipping group said on Dec. 19 it would halt Red Sea transits until further notice.
Yang Ming Marine Transport
The Taiwanese container shipping company said on Dec. 18 that it would divert ships via the Cape of Good Hope for the next two weeks. It has given no further update.
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Source: Reuters
