ocean container shipping

Container spot rates rocket even higher as Red Sea crisis drags on

chart of container rates

It’s now crystal clear that container ships will not return to the Red Sea anytime soon. Lengthy detours around the Cape of Good Hope have already pushed spot container rates far above pre-COVID levels, and rates continue to climb.

Yet another commercial ship was hit by Houthi rebels on Wednesday, the bulk carrier Genco Picardy, owned by New York-based Genco Shipping & Trading (NYSE: GNK). This was followed by another barrage of coalition airstrikes in Yemen, then more Houthi attacks on shipping...

https://www.freightwaves.com/news/container-spot-rates-rocket-even-higher-as-red-sea-crisis-drags-on

Container lines ‘scramble’ to rent more ships amid Red Sea crisis

chart of spot container freight rates

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Red Sea diversions mean container lines need more ships to carry the same amount of cargo. The...

https://www.freightwaves.com/news/container-lines-scramble-to-rent-more-ships-amid-red-sea-crisis

Container lines had rough Q4 before Red Sea-driven rate rebound

a chart of OOCL revenue per container

Container shipping stocks are back in vogue among retail traders, courtesy of Houthi rebel attacks in the Red Sea that suddenly changed the balance of transport supply versus cargo demand.

The share price of ocean carrier Zim (NYSE: ZIM) is bouncing around like a pinball as traders place bets on how the geopolitical chaos will play out.

But Red Sea disruptions won’t have a major effect on carrier financials until the first quarter of 2024 — and results for Q4 2023 will hit the market over the...

https://www.freightwaves.com/news/container-lines-had-rough-q4-before-red-sea-driven-rate-rebound

West Coast shipping rates surge as Red Sea fallout goes global

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As Red Sea disruptions intensify, container shipping spot rates are rising on the other side of the...

https://www.freightwaves.com/news/west-coast-shipping-rates-surge-as-red-sea-fallout-goes-global

White House warns Red Sea turmoil could hit US economy

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WASHINGTON — The White House has warned that the potential for higher shipping costs to affect the...

https://www.freightwaves.com/news/white-house-warns-red-sea-turmoil-could-hit-us-economy

Container shipping rates spike as Red Sea crisis draws first blood

chart of spot rate indexes

Maersk, the world’s second-largest ocean carrier, gambled that a U.S.-led military force, Operation Prosperity Guardian, would allow safe passage through the Red Sea. That gamble has failed.

On Tuesday, Maersk said it will suspend Red Sea transits indefinitely and reroute ships around Africa’s Cape of Good Hope. The decision followed attacks on the container ship Maersk Hangzhou, which was struck by a Houthi rebel missile on Saturday and threatened by four Houthi boats on Sunday.

Armed guards on...

https://www.freightwaves.com/news/container-shipping-rates-spike-as-red-sea-crisis-draws-first-blood

Shipping shares outpaced S&P 500 amid 2023’s rising stock market

chart of shipping stocks

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As 2023 draws to a close, the oft-predicted recession is still nowhere in sight and the S&P 500...

https://www.freightwaves.com/news/shipping-shares-outpaced-sp-500-amid-2023s-rising-stock-market

How safe is Red Sea? Different shipping lines have different answers

chart of Zim share price and effect of Red Sea diversions

The security situation in the Red Sea continues to drive shipping stock prices both up and down. Longer voyage distances due to detours around the Cape of Good Hope reduce effective capacity, a positive for freight rates, and thus share pricing. Conversely, if fewer ships divert, fleet capacity is preserved and stocks fall.

The bullish stock thesis going into the Christmas break was that all container lines would continue to divert vessels due to concerns over crew safety, regardless of Operation...

https://www.freightwaves.com/news/how-safe-is-red-sea-different-shipping-lines-have-different-answers

Top ocean shipping stories of 2023: War, drought and detours

Ocean shipping routes are always in flux, but 2023 took it to a whole new level.

Trade routes were blocked or impeded by geopolitics, labor and weather: sanctions on Russia, U.S.-China tensions, dockworker union unrest, drought-driven cuts at the Panama Canal, and attacks on ships in the Red Sea.

Ocean trade detoured around each obstacle. When vessels divert in large numbers, it makes headlines, but that flexibility is one of ocean shipping’s greatest strengths. Ship diversions, as the software...

https://www.freightwaves.com/news/top-ocean-shipping-stories-of-2023-war-drought-and-detours

US-led forces in Red Sea will be defensive ‘highway patrol’

chart showing spot rate rise since Red Sea attacks

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The longer container lines detour from the Red Sea around the Cape of Good Hope, the more vessel...

https://www.freightwaves.com/news/us-led-forces-in-red-sea-will-be-defensive-highway-patrol

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