FT: Red Sea trade disruption could last until next year

Disruptions in world trade due to the inability of ships to use the Red Sea or the Suez Canal for transportation between Asia and Europe may last until next year. This was stated by the CEO of the world's second largest container group AP Møller-Maersk, the Financial Times reports, UNN writes.

Details

Vincent Klerk, CEO of Danish company AP Møller-Maersk, said there are no signs of tensions easing after attacks by Houthi rebels in Yemen forced container shipping companies to divert their vessels around the Cape of Good Hope, increasing the time and cost of transporting goods.

We see that the situation in the Red Sea will not be short-lived, but will last at least until the second half of the year... We are not very optimistic that we will be able to pass through Suez in the near future,

It is noted that the cost of container transportation - the backbone of global trade - has risen sharply since the start of the Houthi attacks in mid-November, and the increase in delivery times has caused supply chain problems for retailers and manufacturers.

The company said that traffic volumes in the first quarter of this year were higher than it had expected, which, combined with prolonged disruptions in the Red Sea, forced it to revise its financial forecasts for the current year. The company now expects its operating losses to be between zero and $2 billion, while it had previously forecast losses of $5 billion.

Recall

Tankers carrying Russian oil continue to sail through the Red Sea, with little or no interruption due to Houthi attacks on shipping, and face fewer risks than their competitors.