Spot container freight rates from Asia – Europe have more than doubled over the last two weeks as lines divert via the Cape of Good Hope to avoid attacks in the Red Sea.
AD Ports Noatum Terminals, the terminals operations business of Noatum Group, has acquired 100% ownership of APM Terminals Castellón in Spain for $110 million.
Container shipping is under pressure from large amounts of new capacity coming into the fleet, however, events in the Red Sea are boosting spot rates at least in the short-term.
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.
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.
A Master and Chief Engineer were reported to have been abducted by pirates in the west African Gulf of Guinea region on New Year’s Day, off the southern coast of Cameroon.
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.
The Saudi Ports Authority (Mawani) and MEDLOG, the logistics arm of the world’s largest container line MSC, have signed an agreement to develop the first-ever integrated logistics park and re-export zone at Dammam’s King Abdulaziz Port in Saudi...
