Developing Situation In the Red Sea

Following missile and drone strikes on cargo ships last Friday, the situation regarding passage of the Suez Canal has been developing over the weekend and through today. ‍

Both Maersk and CMA CGM paused all vessels that were set to travel through the Red Sea area over the weekend due to the escalating attacks on cargo ships in the region.

There were two attacks on vessels Friday, including a Hapag Lloyd containership being hit by a missile launched from an occupied region of Yemen, causing a fire on board. Fortunately, it has been reported that no crew members were injured.

As things stand, we are aware that some steamship lines, including Maersk, CMA CGM, Hapag Lloyd and HMM are planning to route vessels around Africa for the foreseeable future, and we expect more to follow.

Current reports suggest there are over 100 vessels that are either paused or  already rerouted. The US is understood to have issued orders for several warships to move to the region to assist with this threat to global supply chains.

Journeys around the Cape of Good Hope usually add around 10-12 days to Asia import and export transit times.

We will endeavour to keep you advised of the developing situation.