The situation in the Red Sea continues to be tense. According to the United States military, Yemeni Houthis attacked two oil tankers in the Red Sea on Monday - the Saudi-flagged Amjad and the Panamanian-flagged Blue Lagoon I - and called the attack ‘a reckless act of terrorism’. ‘and the Panamanian-flagged Blue Lagoon I, calling the attack a ‘reckless act of terrorism’. However, the Saudi shipping giant Bahri, which operates the Amjad, has confirmed that the Amjad was not attacked and was not injured or damaged. The ship is still operating normally and sailing smoothly to its intended destination.
Latest figures show that demand on trade routes affected by the Red Sea crisis remains strong. A new analysis has revealed staggering profits for the global container shipping industry in the second quarter of 2024, totalling more than US$10 billion (Rs 71.3 billion). This growth is largely due to the rerouting of the Red Sea route, which has not only increased cargo volumes but also pushed up freight rates.
The rerouting of the Red Sea route has forced ships to detour through southern Africa, which has exacerbated capacity constraints, pushed up spot container freight rates and created congestion at some major ports. Citing data from Container Trade Statistics Ltd, senior industry analyst John McCown noted that despite the challenges, global container traffic reached a record high of 46.4 million TEUs last quarter, surpassing the record of 46.2 million TEUs in the second quarter of 2021.
McCown predicted that profits are expected to grow even more sharply in the current quarter, given the strong performance of international trade markets.
Hapag-Lloyd's chief executive Rolf Habben Jansen said the company has been surprised by the continued strong demand since 1 May, and this momentum is expected to continue into the third quarter.
In the U.S., the ports of Los Angeles and Long Beach - which account for about a third of total U.S. container imports - recorded the third-highest throughput on record in July, slightly below the May 2021 all-time high. At the time, an influx of consumer goods led to land-based supply bottlenecks and longer lines of cargo ships waiting to dock.
Containerised imports into the US through major ports are expected to reach 24.9 million TEUs this year, up 12 per cent from last year and close to the 2021 and 2022 levels of more than 25 million TEUs, according to newly released data from the National Retail Federation (NRF) and Hackett Associates.
Maersk recently raised its full-year earnings forecast and expects disruptions on the Red Sea route to continue ‘at least until the end of 2024’ and demand to remain high. Reuters said Maersk again raised its full-year earnings forecast, due to strong container market demand and the Red Sea crisis is still not over.
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