Global shipping major Maersk estimates an industry wide capacity loss of 15-20% in the Far East to North Europe and Mediterranean markets, essentially between Asia and Europe, during the second quarter of this financial year. This is due to the Red Sea crisis, which it said has intensified over the last few months.
“To safeguard our crew, vessels, and cargo, we are rerouting around the Cape of Good Hope for the foreseeable future. However, the risk zone has expanded, and attacks are reaching further offshore. This has forced our vessels to lengthen their journey further, resulting in additional time and costs to get your cargo to its destination for the time being,” Maersk said in its latest advisory issued on May 6.
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