Overview

• Maersk executive Charles van der Steene announces that the shipping firm expects the Red Sea crisis to continue affecting routes into the second half of 2024.
• Houthi militants' attacks on commercial vessels in the Red Sea have led to significant trade disruptions, prompting Maersk to reroute ships around the Cape of Good Hope.
• The U.S. has launched airstrikes against the Houthis in an attempt to deter further attacks, but the situation remains volatile.
• Shipping delays and rerouting have increased transit times by 30%, driving up costs and potentially impacting consumer prices.
• Maersk advises customers to prepare for longer transit times and to be agile in their supply chain logistics to mitigate the impact of the disruptions.