Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
Maersk halts shipping along vital Red Sea route indefinitely

Maersk halts shipping along vital Red Sea route indefinitely

Posted on January 3, 2024   |  

Maersk has stopped shipping through the Red Sea and Suez Canal for an indefinite period to review security concerns following an attack on one of its ships, the Maersk Hangzhou.

The decision is in response to a rise in attacks on ships along a crucial global trade route.

Shipping giants globally are worried about increased attacks by Houthi rebels in the Red Sea, thought to be in response to Israel's military actions in Gaza.

Initially, Maersk paused Red Sea transits for 48 hours after the Houthi attack and later extended the suspension.

The attack on Maersk Hangzhou occurred shortly after the company had resumed operations in the area, following the establishment of a US-led international naval mission to protect commercial shipping.

Other major shipping companies like Hapag-Lloyd, Evergreen Line, and MSC Mediterranean Shipping Company have also stopped using the Suez Canal due to Houthi attacks, impacting a vital trade route responsible for about 30% of global container trade.



Previous Next