Container lines including Maersk, MSC, CMA CGM, ONE and Hapag-Lloyd have suspended bookings to and from Russia as fallout from Russia’s invasion of Ukraine disrupts logistics chains.

The UK’s Secretary of State for Transport has requested that UK ports not provide access for Russian vessels.

As suspension of bookings to and from Russia is among scenarios Maersk is preparing for, the shipping giant said.

Energy companies are moving to exit their Russian investments in response to the Ukraine conflict.

Two Ukrainian commercial ships are reported to have been seized by the Russian Navy.

Tanker rates on certain routes responded almost immediately to Russia’s three-pronged attack on Ukraine last Thursday. Freight rates for tankers set to load in both Baltic and Black Sea ports rocketed, with Baltic rates spiralling 240% within hours.

Bunker prices rose sharply yesterday as Russian troops invaded Ukraine on several fronts.

Multiple international container lines have announced they will not call Ukraine ports, while Russian services generally remain available.

Global sea trade suffered another major knock this morning as Russia’s invasion of Ukraine drove oil prices up by about 8%, something that will filter through to already sky high bunker prices.

Brent crude oil traded above $95 for a spell on Monday before easing back to the mid $94s as uncertainty reigns over Russia’s intentions in Ukraine.