{"id":612037,"date":"2023-12-17T00:00:00","date_gmt":"2023-12-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/worlds-largest-shipping-firms-pause-red-sea-transit\/"},"modified":"2023-12-17T00:00:00","modified_gmt":"2023-12-17T00:00:00","slug":"worlds-largest-shipping-firms-pause-red-sea-transit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/worlds-largest-shipping-firms-pause-red-sea-transit\/","title":{"rendered":"World\u2019s largest shipping firms pause Red Sea transit"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>New headwinds for the Suez Canal?<\/strong> Four of the world\u2019s largest shipping firms, including Mediterranean Shipping (MSC), AP Moller-Maersk, CMA CGM, and Hapag-Lloyd, have said that they are pausing transit through the Red Sea due to repeated attacks on shipping by Houthi groups in Yemen, company representatives tell Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The halt in transit is hopefully just a temporary measure:<\/strong> \u201cWe are not happy with the decision and hope that navigation returns to normal,\u201d Maersk\u2019s MENA Chief Group Representative, Hany El Nady, tells us. \u201cThe Suez Canal is the most suitable and safest navigation route for international trade to cross \u2026 unlike the open sea, which is not devoid of its own risks.\u201d The news was first reported by the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/maersk-hapag-lloyd-rethink-red-sea-voyages-after-attacks-on-ships-f117b471\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> and <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/middle-east\/20231216-french-shipping-group-cma-cgm-pauses-all-container-shipments-through-the-red-sea?utm_term=France24_en&utm_campaign=twitter&utm_source=nonli&utm_medium=social\" style=\"\" rel=\"noopener\">France 24<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talks to boost security for vessels: <\/strong>Maersk is in talks with the European Union, the International Maritime Organization, and others to form an alliance for safer transit in the Red Sea, El Nady says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The situation has been escalating for some time:<\/strong> Attacks on ships passing along the Red Sea have been making headlines since Israel started its war on Gaza, as the Iranian-backed Houthis in Yemen look to pressure Israel. While Israeli ships were originally the sole target, armed Houthi groups <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/yemens-houthis-say-they-will-target-ships-red-sea-en-route-israel-2023-12-09\/\" style=\"\" rel=\"noopener\">upped the ante<\/a> last week by announcing that they will target all shipping companies that work with Israeli ports, regardless of nationality.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the past few days:<\/strong><\/p>\n<ul>\n<li><strong>Egyptian forces intercepted a flying object <\/strong>that <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5rbn9dkt\" style=\"\" rel=\"noopener\">crashed<\/a> near the coast of Sinai\u2019s Dahab. <\/li>\n<li><strong>The US military shot down 14 drones<\/strong> in the Red Sea that were allegedly <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-16\/red-sea-shipping-chaos-as-us-military-defends-threat-to-commercial-vessels\" style=\"\" rel=\"noopener\">launched<\/a> from Houthi-controlled areas of Yemen.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s too early to predict the impact on our Suez Canal receipts: <\/strong>The Suez Canal Authority has yet to release a statement on potential impact of the companies\u2019 decisions, but how much it bites will be directly proportional to how long it lasts. While it\u2019s not clear how much of the traffic passing through the Suez Canal belongs to the four shipping lines, they account for more than 50% of global sea shipping. Around 12% of the world\u2019s trade and 22% of all global shipping containers pass through Suez Canal each year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bad news for global supply chains: <\/strong>The price of freight globally is likely to become more expensive and push up global inflation with it, Mohamed Daoud, the vice president of the Arab Academy for Science, Technology and Maritime Transport, told us. Some companies are already paying fines for the delayed arrival of goods to various ports, a senior executive at a shipping company told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alternative routes via the Cape of Good Hope add an additional 10-14 days and rack up <\/strong><strong>the fuel bill<\/strong>, according to Al Nady. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US is pushing for the \u201cbroadest possible\u201d maritime coalition to protect ships in the <\/strong><strong>Red Sea,<\/strong> the US envoy for Yemen told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/us-seeks-broadest-possible-red-sea-maritime-coalition-against-houthi-attacks-2023-12-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a> last week. The Biden administration has been careful in the past two months on retaliating the Iran-backed Houthis\u2019 attacks to avoid opening a new war front that would cause the oil prices to jump to unprecedented heights.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Want to go deeper into how shipping firms are adapting to the Gaza war?<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/5d23f68b-e026-4523-b144-72e884e483e4\" style=\"\" rel=\"noopener\">Enterprise<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/5d23f68b-e026-4523-b144-72e884e483e4\" style=\"\" rel=\"noopener\">Logistics has the low-down<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SCA EXTENDS TRANSIT FEE CUTS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SCA extends transit<\/strong><strong> fee reductions for multiple classes of vessels:<\/strong> The Suez Canal Authority (SCA) has extended transit fee reductions granted to <a target=\"_blank\" href=\"https:\/\/www.suezcanal.gov.eg\/English\/Navigation\/NavigationCirculars\/Pages\/PC4.2020_13-12-2023.aspx\" style=\"\" rel=\"noopener\">LNG tankers<\/a>, <a target=\"_blank\" href=\"https:\/\/www.suezcanal.gov.eg\/English\/Navigation\/NavigationCirculars\/Pages\/PC3.2018_13-12-2023.aspx\" style=\"\" rel=\"noopener\">dry bulk vessels<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.suezcanal.gov.eg\/English\/Navigation\/NavigationCirculars\/Pages\/PC1.2018_13-12-2023.aspx\" style=\"\" rel=\"noopener\">oil tankers<\/a>, among others until 30 June 2024. Vessels operating between a number of regions, including the US Gulf, India, and the Caribbean will receive rebates ranging from 25-75%. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/edition\/logistics\/66ab5350-edca-4d43-b27d-1e4c5a4c7e71\" style=\"\" rel=\"noopener\">Enterprise Logistics has the rundown.<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The move will likely push the price of freight globally, pushing global inflation with it<\/p>\n","protected":false},"author":1,"featured_media":612038,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[10905,72,8270,145,665,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-cma-cgm","tag-enterpriseam","tag-hapag-lloyd","tag-logistics","tag-maersk","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"7012e03f-8dda-4b2a-ae40-ba7144b132a8","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1047.jpg","photo_position":"above","homepage_title":"","full_issue_title":"World\u2019s largest shipping firms pause Red Sea transit","related_issue":[612032],"teaser":"The move will likely push the price of freight globally, pushing global inflation with it","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.90bc41ad-ddc4-40ae-9727-5f80bce049bc.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World\u2019s largest shipping firms pause Red Sea transit - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/worlds-largest-shipping-firms-pause-red-sea-transit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World\u2019s largest shipping firms pause 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sinking three Houthi vessels and killing 10 militants","rel":"","context":"In &quot;Logistics&quot;","block_context":{"text":"Logistics","link":"https:\/\/enterpriseam.com\/egypt\/category\/logistics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/76.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613139,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/09\/chinese-shipping-giant-cosco-suspends-all-shipping-to-israel-amid-houthi-attacks\/","url_meta":{"origin":612037,"position":1},"title":"Chinese shipping giant Cosco suspends all shipping to Israel amid Houthi attacks","author":"enterpriseam admin","date":"9 January 2024","format":false,"excerpt":"Cosco is the fourth largest shipping company in the world","rel":"","context":"In &quot;RED SEA WATCH&quot;","block_context":{"text":"RED SEA 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/red-sea-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1884.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623081,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/21\/suez-canal-authority-drops-fees-on-port-of-east-port-said\/","url_meta":{"origin":612037,"position":3},"title":"Suez Canal Authority drops fees on port of East Port Said","author":"enterpriseam admin","date":"21 October 2018","format":false,"excerpt":"The Suez Canal Authorityreduced transit and mooring fees on cargo ships docking and transiting through the port of East Port Said, in a bid to draw more shipping to the port. Ocean Alliance \u2014 which includes CMA CGM Group, APL, Evergreen, and China\u2019s COSCO Shipping \u2014 had decided to suspend\u2026","rel":"","context":"In &quot;Infrastructure&quot;","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":639783,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/14\/germanys-hapag-lloyd-will-ditch-suez-canal-until-the-end-of-2024\/","url_meta":{"origin":612037,"position":4},"title":"Germany\u2019s Hapag-Lloyd will ditch Suez Canal until the end of 2024","author":"enterpriseam admin","date":"14 August 2024","format":false,"excerpt":"Good afternoon, wonderful people. We have another brisk news day here at home as we are inching closer to the weekend.THE BIG STORY TODAY Hapag-Lloyd\u2019s ships will avoid sailing through the Red Sea through 2024: German shipping giant Hapag-Lloyd will continue to steer its container ships away from the Red\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561544,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/12\/the-hangover\/","url_meta":{"origin":612037,"position":5},"title":"The hangover","author":"enterpriseam admin","date":"12 April 2021","format":false,"excerpt":"The Ever Given may have been dislodged in under a week, but the effects will be felt for months: The disruption caused to US and European supply chains by the blocking of the Suez Canal last month may not be resolved until 3Q2021, CEO of German shipping company Hapag-Lloyd Rolf\u2026","rel":"","context":"In &quot;Suez Canal&quot;","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=612037"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/612037\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/612032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/612038"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=612037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=612037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=612037"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=612037"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=612037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}