Diversions on the Red Sea - CrewMirror.com

Containership berthed at the Port of Los Angeles.Photo courtesy Port of Los Angeles.

Container Shipping Industry Profit Surge in Q2 2024 due to Record Sales, Higher Rates

The global container shipping industry saw a significant profit increase in Q2 2024, exceeding $10 billion due to record volumes and rising freight rates post Red Sea rerouting. Top players like AP Moller-Maersk and Cosco Shipping nearly doubled their profits. Despite challenges, global container volumes hit a record high, with strong demand in the US. Industry experts predict continued growth amid positive market conditions for international trade.

Spain’s Ports See Goods Traffic Rise as Red Sea Crisis Continues

Spain’s ports experience a surge in freight traffic amid ongoing Red Sea crisis

1 year ago1 year ago2 mins

In January, Spain’s main ports saw a 25% increase in goods volume as companies rerouted ships due to Red Sea attacks. Transit spiked in northern ports to avoid Europe blockades by farmers. Las Palmas and Barcelona saw a 25.4% and 7.6% increase respectively. Santander’s port witnessed tripled transit goods handling.

The impact of Red Sea disruptions on the European economy

2 years ago2 years ago2 mins

Iran-backed Houthi fighters’ attacks in the Red Sea have disrupted shipping, impacting the Suez Canal route between Asia and Europe. Although it has not had a major impact on the European economy yet, continued disruptions could derail central banks’ interest rate plans, with potential inflation and cost repercussions.

Increased demand for refueling at African ports as ships navigate around the Cape

2 years ago2 years ago2 mins

African ports such as Walvis Bay and Port Louis are in demand as refueling stations for ships avoiding Red Sea security threats. Shipping companies like Maersk A/S prefer these options for refueling en route. However, the detours around Africa can add 5,000 miles to the journey, at a price. Trafigura’s TFG Marine is also available to supply fuel to vessels diverted from the Suez Canal.

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