Delays in maritime shipping through the Red Sea are escalating, which could lead to a 20% decrease in industry capacity between Asia and Europe in the second quarter of this year. This information was provided by Maersk, the world leader in container shipping, as reported by Economic Truth.
It is reported that Maersk and other shipping companies have been forced to bypass the African Cape of Good Hope since December 2023 due to attacks by Houthi rebels in the Red Sea. The increased route duration leads to higher freight rates.
"The risk zone has expanded, and attacks are happening farther from the shore. This has forced us to further extend the route, which is both time and cost-consuming for delivering goods to their destination," said Maersk.
Meanwhile, fuel costs on affected routes between Asia and Europe have increased by approximately 40% for each voyage. Additionally, these delays are impacting other container shipping routes, including the route from Asia to the east and west coasts of South America.
At Maersk, whose operations are considered an indicator of global trade, they forecast that delays will continue at least until the end of 2024.
