The attacks on shipping in the Red Sea have sharply driven up rates as vessels divert by the Cape of Good Hope attracting the interest of stock investors in listed container lines, although the situation remains extremely fluid.

The hostilities in the Red Sea will likely be igniting other battles, albeit of a commercial rather than military nature, as container lines seek hefty rate increases and file urgent requests with US regulators.

Empire Offshore Wind, a joint venture between Norwegian state company, Equinor, and energy major bp, have pulled out of a wind farm contract at Seatrium valued at more than $250 million.

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.

Singapore shipyard group Seatrium has secured a contract from Shell Offshore Inc to construct and integrate the hull, topsides and living quarters of the Sparta semi-submersible Floating Production Unit (FPU).

The Brazilian Federal Prosecutors’ Office has dropped corruption charges against a former Sembcorp Marine (Sembmarine) employee and a former consultant to the Singapore shipyard group.

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

Over 60% of Seatrade Maritime News readers expect the container shipping market to take three or more years to recover from its current downturn.