Business Shipping News

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"CEO of Hapag-Lloyd Addresses Global Trade Outlook and Supply Chain Disruptions"

CEO Rolf Habben Jansen of Hapag-Lloyd, the world's fifth-largest ocean carrier, expresses optimism for trade demand in the second half of 2024, despite a drop in 2023 net profit and increased costs due to Red Sea diversions. The company is facing challenges from attacks in the Red Sea, increased emissions, and a longer shipping route. Hapag-Lloyd has formed a new ocean alliance with Maersk to improve schedule reliability, and U.S. shippers are preparing for potential port strikes during the peak shipping season.

1 year ago•Source: CNBC

"Red Sea Attacks Spark Oil Tanker Shortage and Economic Ripples"

business-shipping

4.525 min•1 year ago

"Red Sea Attacks Spark Oil Tanker Shortage and Economic Ripples"

Houthi attacks on commercial shipping in the Red Sea have led to widespread diversions in global petroleum trades, exacerbating the longstanding issue of too few oil tankers being built. With just two new supertankers set to join the fleet in 2024, rates have spiked and voyage durations have increased, impacting the tanker market. The situation is expected to tighten further in the future, as the tanker shortage coincides with a faltering global fleet efficiency and a reshuffling of global oil flows. Despite some reasons for caution, equity analysts are bullish about the future of tanker owners due to the limited order book, aging fleet, and impact of environmental regulations.

via Yahoo Finance