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☆ Maersk Says Expanded Houthi Attacks Are Forcing More Delays
▼ + stars: | 2024-05-06 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: +1 min

Global shipping lines have become increasingly strained as the Houthi militia in Yemen broadens its attacks on cargo vessels, one of the largest companies in the industry warned on Monday. “The risk zone has expanded,” Maersk, the second-largest ocean carrier, said in a note to customers, adding that the stress was causing further delays and higher costs. Since late last year, the Houthis have been attacking ships in the Red Sea, which cargo vessels from Asia have to travel through to reach the Suez Canal. But in recent weeks, the Houthis have been trying to strike ships making that longer journey in the Indian Ocean. Because going around Africa takes longer, shipping companies have had to add more vessels to ensure that they can transport goods on time and without cutting volumes.

Persons: ” Organizations: ” Maersk Locations: Yemen, Red, Asia, Suez, Europe, Africa

☆ Cars, sugar and cruises: How the Port of Baltimore closure could hurt the economy
▼ + stars: | 2024-03-26 | by ( Mark Thompson | Chris Isidore | ) edition.cnn.com time to read: +8 min

The Port of Baltimore said in a post on X that vessel traffic was suspended until further notice, but trucks were still being processed at its terminals. It said it would discharge cargo destined for Baltimore in other ports nearby, but Maesrk warned customers that could mean delays. Closer to the Midwest than any other port on the East Coast, Baltimore is a major hub for vehicles, containers and commodities. Baltimore ranks first among US ports for autos and light trucks, handling a record 850,000 vehicles last year. While many of the 30,000 to 35,000 cars and trucks that used the Key Bridge daily can be rerouted through the two nearby tunnels, that will cause traffic delays.

Persons: Dali, Judah Levine, ” Maersk, “, VW, Oren Klachkin, Levine, Mark Zandi, ”, Zandi, Wes Moore, Joe Biden, Francis Scott Key, Tasos Katopodis, — Moore, Emily Stausbøll, Matt Lupoli, Hanna Ziady, Peter Valdes, Rob North, Sugam Pokharel Organizations: New York CNN, Baltimore, Atlantic, Nationwide Financial, US, Moody’s, Maryland Gov, Rebuilding, Francis Scott Key Bridge, Domino, Company, Royal Caribbean, Cruises, Cruise, Cruise Lines International Association, Royal Locations: London, New York, Port, Baltimore, East Coast, Singapore, East Coast , Baltimore, Philadelphia, Norfolk, of New York, New Jersey, Asia, Africa, Suez, Maryland, Patapsco, Rebuilding Baltimore, Baltimore , Maryland, Tasos, “, Norway, Royal Caribbean

☆ Red Sea crisis: How global trade is being upended by attacks on container ships
▼ + stars: | 2024-02-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.

Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada

☆ US Navy shoots down Houthi missiles targeting US-flagged commercial ship
▼ + stars: | 2024-01-24 | by ( Natasha Bertrand | ) edition.cnn.com time to read: +2 min

The USS Gravely, which was nearby at the time, shot down two of the missiles and one landed in the water, the officials said. There were no injuries or damage to the ship, CENTCOM said in a statement. The ships turned back from their planned voyage after seeing “explosions” on their way toward the Red Sea on Wednesday, according to the company. “While en route, both ships reported seeing explosions close by and the US Navy accompaniment also intercepted multiple projectiles,” Maersk said in a statement shared with CNN. “The crew, ship, and cargo are safe and unharmed.”Following the explosions, the US Navy turned both ships around and is escorting them back to the Gulf of Aden, according to Maersk.

Persons: Houthis, CENTCOM, ” Maersk, “, CNN’s Catherine Nicholls Organizations: CNN, US Navy, Maersk, US Central Command, Maersk Detroit, Chesapeake, US Maritime Security Program, VISA, Voluntary Intermodal Sealift Locations: Iran, Maersk Detroit, Gulf, Aden, Yemen

☆ Layoffs at Maersk hit 10,000 as pandemic shipping boom turns to bust
▼ + stars: | 2023-11-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —Shipping giant Maersk is laying off thousands more workers as weak demand and lower freight prices pummel its revenues — a sign the pandemic-driven boom in shipping is turning to bust. “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressures on our cost base,” Maersk Chief Executive Vincent Clerc said in a statement. The composite cost of shipping a 40-foot container on eight major global routes stood at $1,406 this week, according to London-based Drewry Shipping. Maersk also said it expected its full-year profit to come in at the lower end of its previously stated range of $9.5 billion to $11 billion. The company’s shares sank as much as 12.5% in early trade Friday, extending those losses later to trade down 17.2% by 7.41 a.m.

Persons: ”, Vincent Clerc, Maersk Organizations: London CNN — Shipping, ” Maersk, Drewry Shipping Locations: Danish, London

Moeller-Maersk and Mediterranean Shipping Co. created the so-called 2M alliance in 2015 to help them reduce costs by sharing cargo on major ocean routes. Rivals formed similar partnerships, creating the Ocean Alliance and THE Alliance. Global trade volumes fell 9.5% year over year in November 2022, according to London-based Container Trade Statistics, and global shipping rates have been sliding at a steep pace since early last year. He said the winding down of 2M raised questions over the future of the other two alliances, Ocean Alliance and THE Alliance. So the in-transit issues and all the penalties have pretty much faded away.”Target said in an email that it renegotiates its shipping rates regularly.

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