The idle container ship fleet has contracted again as the crises in the Red Sea and Panama Canal suck capacity into service diversions and distort the market, as newbuildings arrive to alleviate tonnage crunch.
Shipping associations have welcomed the European Union’s operation Aspides, a defensive maritime security operation to protect shipping in the Red Sea.
Beauty, they say, is in the eye of the beholder, but few observers would describe the widening chasm that has opened between western and some Middle Eastern interests in the Red Sea as objectively attractive.
Seafarers covered by International Bargaining Forum (IBF) agreements can refuse to sail through the Southern Red Sea and Gulf of Aden, but it takes a high level of pre-planning according to ITF head Stephen Cotton.
The shipping industry has united in calling for the immediate release of 25 seafarers on board the Galaxy Leader held hostage by Houthi Rebels for three months now.
US Central Command (Centcom) announced its latest success in capturing arms destined for the Houthi Movement, however, attacks continue with a strike against a Greek ship on 15 February.
Over 50 vessels attacked by Houthi rebels in the Red Sea, thousands of ships diverted via the Cape of Good Hope, and billions of dollars of trade disrupted in the Red Sea crisis.
As shipping company earnings benefit from disruption in the Red Sea the Singapore Maritime Officers Union (SMOU) has called on companies to remember seafarers when it comes to bonuses.
Feeder vessels have become the focus of short-term charters as liner operators reconfigure their Asia to Europe services around the Cape of Good Hope, requiring feeders for the Mediterranean region in particular.
On the eve of Star Bulk Carriers’ full year results the Houthi Movement has launched a missile attack on the Star Iris, a panamax bulk carrier, in the Bab al-Mandeb straits, off Yemen.