Red Sea Crisis Archives - The Loadstar

Houthis earn $2bn a year from Red Sea protection racket

Gavin van Marle — Tue, 05 Nov 2024 13:23:51 +0000

If you harbour any hope that the Red Sea crisis might come to an end soon, The Loadstar respectfully suggests you should abandon it, as this extraordinary report in the Maritime Executive claims the Yemini militia group is earning around $180m a month in tolls from shipowners to not attack their vessels as they pass the Bab Al-Mandeb straits. The source of the article is a 537-page report from the ...

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Egypt claims Houthi attacks have cost its economy $6bn in lost Suez revenue

Charlie Bartlett technology editor — Mon, 04 Nov 2024 13:58:04 +0000

Egypt has suffered a $6bn hit from the Red Sea crisis and drop in Suez Canal transits, a minister has told the IMO – but Yemen’s Houthis have vowed to continue their attacks.
Yahya Sarea, a Houthi spokesperson claimed in a weekend televised address that Israel-linked maritime businesses were seeking to change ownership, but the group would not recognise any changes and would continue to attack vessels going to, coming from, ...

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Red Sea crisis provides a bonus for Chinese container manufacturers

Martina Li in Taiwan — Mon, 04 Nov 2024 11:42:13 +0000

China International Marine Containers (CIMC), the world’s largest container manufacturer, said its output in the first nine months of the year rose five-fold after the Red Sea crisis sparked resurgent demand.
From output of 2,490,000 boxes, (including 93,400 reefers, up 17%) revenue rose 36% year on year, to CNY128.97bn ($18.37bn), while net profit nearly doubled, to CNY2.73bn ($388.35m).
CIMC said: “In the first three quarters, global container trade demand rebounded. Clarksons recently ...

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Freight rates will stay high next year – no respite for shippers, predicts Drewry

Charlie Bartlett technology editor — Thu, 17 Oct 2024 12:24:10 +0000

Some three million teu of new tonnage arriving next year will most likely be “more than offset” by further market disruption, ensuring no respite for embattled shippers, according to Drewry.
As the prospect of more US east coast port strikes remains uncertain, the maritime consultancy drew up scenarios with a strike in January and without one, and found that in both models, freight rates would continue to rise.
Port strikes “will have ...

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Surging transhipment cargo means SE Asia ports must cooperate, not compete

Gavin van Marle — Tue, 15 Oct 2024 12:53:48 +0000

The combination of challenges posed by the Red Sea crisis and an early peak season, particularly on the Asia-Europe trades, has changed the nature of competition for transhipment traffic among South-east Asian ports.
Traditionally, the battle for transhipment cargo in the region, a vital transit point in Asia-North Europe and Asia-Mediterranean trades, has traditionally been a three-way battle between Singapore, Port Klang and Tanjung Pelepas.
At times it has been fiercely competitive ...

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Capacity squeeze will ease as more newbuilds arrive, says Xeneta

Charlotte Goldstone — Tue, 15 Oct 2024 12:27:13 +0000

Additional tonnage being introduced to the ocean shipping market next year presents “an opportunity for shippers” to use the broad spectrum of carrier alliance strategies to their advantage.
In Xeneta’s 2025 ocean shipping forecast, the analytics platform says “a large-scale return to the Red Sea seems inconceivable at present”, but a partial return could be on the cards for some carriers.
Senior shipping analyst Emily Stausbøll advised: “This situation creates an ...

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Gemini warns of ‘meltdown’ when Suez reopens

Charlotte Goldstone — Thu, 10 Oct 2024 10:51:17 +0000

Maersk has warned of an “operational meltdown” when carriers are able to use the Suez Canal again.
The Danish liner, along with Hapag-Lloyd, announced their hub-and-spoke Gemini Cooperation services would go round the Cape of Good Hope instead of the still-volatile Red Sea.
Maersk told customers yesterday: “After thorough consideration, and given the continued safety concerns in the Red Sea, Hapag-Lloyd and Maersk confirm they expect to phase-in their Cape of Good ...

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Charter market could be the big winner of USEC port shutdown

Alexander Whiteman — Wed, 02 Oct 2024 12:11:51 +0000

Boxship charters could get a real boost from the US east coast’s biggest port strike in half a century, a perfect storm in which idle tonnage remains below even Covid levels.
Data from an Alphaliner survey conducted at the end of September indicated that just 56 ships, boasting a combined capacity of less than 200,000 teu and equivalent to just 0.6% of the total global fleet, are commercially idle.
However, Alphaliner said ...

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Evergreen chief says transpac contract rates will rise in 2025

Martina Li in Taiwan — Mon, 23 Sep 2024 11:19:11 +0000

Evergreen is to raise its transpacific contract rates for 2025, announced president Wu Kuang Hui on Friday, due to global supply chains being impacted by the impending dockers’ strike on the US east coast.
He said: “The possibility of a strike at these ports is very high. Shippers must prepare in advance. The strike will impact not only the US east coast, but also the global supply chain.”
He added: “Regarding the ...

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Chinese coastal box ships set course for Russia and Red Sea trades

Martina Li in Taiwan — Fri, 20 Sep 2024 11:10:37 +0000

Operators focused on providing liner services to Russia and the Red Sea are chartering box ships that were originally plying Chinese domestic routes to fulfill their tonnage requirements.
According to consultancy Linerlytica, Russia-focused operators OVP Shipping, Safetrans Line and Transit recently chartered the newly built 2,070 teu De Xin Shang Hai, 2,754 teu Xin Yong Chang 27 and the 1,660 teu Xiang Yuan He Run, respectively.
De Xin Shang Hai, belonging to ...

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