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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Maersk: Global Supply Lines more Affected than Expected due to Red Sea Crisis


Wed 05 Jun 2024 | 05:40 AM
Taarek Refaat

Maersk, a leading global trade company, said that global supply lines were more affected than previously expected by the repercussions resulting from the Red Sea crisis.

The Copenhagen-based shipping company raised its earnings forecasts on Monday evening, as the disruptions effectively reduced global fleet capacity and thus increased freight rates.

This is the second time in about a month that Maersk has raised its forecasts, as attacks by Houthi militants in the Red Sea have forced it and other shipping companies to sail via South Africa (the Cape of Good Hope route). 

The unrest reduced the transit of cargo ships through the Suez Canal by about 80%, according to Bloomberg estimates.