The drought in the Panama Canal and attacks on the shipping in the Red Sea are creating an asset imbalance in container shipping akin to that seen at the start of the Covid pandemic in 2020.

Anti-ship ballistic missiles were fired into the Red Sea on January 2, demonstrating the continued threat to merchant shipping despite an international naval presence.

Despite a record take-up of green technologies in ships ordered in 2023, thousands of existing vessels will fall into carbon intensity indicator (CII) categories D or E, requiring owners to take action immediately or within the next three years.

Italian startup container line Kalypso has filed for bankruptcy following a collapse in freight rates and the disruption of its services to Israel, reported Italian media.

As the EU Emissions Trading System (EU ETS) became enforceable from 1 January conflict in the Red Sea has seen many vessels divert to the much longer route around the Cape of Good Hope, both impacting container freight rates.

Maersk announced it will extend a 48 hour pause to transits through the Red Sea and Gulf of Aden until further notice following the attack on one of its ships over the weekend.

As the end of 2023 approaches the Seatrade Maritime News team will be taking a short break.

The situation in the Red Sea, with vessels switching to longer voyages to avoid attacks, has been the subject of considerable commentary.