Global shipping firms continue to pause Red Sea shipments | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
July 25, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, JULY 25, 2025
Global shipping firms continue to pause Red Sea shipments

Global Economy

Reuters
04 January, 2024, 09:50 am
Last modified: 04 January, 2024, 12:09 pm

Related News

  • Bangladesh handles over 8% of global daily mobile money transactions in 2024
  • Govt to import wheat from US at higher price to gain 'tariff concessions'
  • US tariff: Dhaka open to trade concessions but set to reject non-trade conditions
  • Bangladesh delegation visits China to promote investment opportunities
  • The Vietnamese economic miracle: What lessons does it offer for others?

Global shipping firms continue to pause Red Sea shipments

The Suez Canal is used by roughly one third of global container ship cargo

Reuters
04 January, 2024, 09:50 am
Last modified: 04 January, 2024, 12:09 pm
Representational image. Photo: Bloomberg
Representational image. Photo: Bloomberg

Denmark's Maersk and German rival Hapag-Lloyd said on Tuesday their container ships would continue to avoid the Red Sea route that gives access to the Suez Canal following a weekend attack on one of Maersk's vessels.

Both shipping giants have been re-routing some sailings via Africa's southern Cape of Good Hope as Yemen-based Houthi militants attack cargo vessels in the Red Sea. The disruption threatens to drive up delivery costs for goods, raising fears it could trigger a fresh bout of global inflation.

Maersk had on Sunday paused all Red Sea sailings for 48 hours following attempts by Yemen-based Houthi militants to board the Maersk Hangzhou. US military helicopters repelled the assault and killed 10 of the attackers.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"An investigation into the incident is ongoing and we will continue to pause all cargo movement through the area while we further assess the constantly evolving situation," Maersk said in a statement.

"In cases where it makes most sense for our customers, vessels will be rerouted and continue their journey around the Cape of Good Hope."

Maersk had more than 30 container vessels set to sail through Suez via the Red Sea, an advisory on Monday showed, while 17 other voyages were put on hold.

Hapag-Lloyd said its vessels would continue to divert away from the Red Sea - sailing instead via Africa's southern tip - until at least Jan 9, when it will decide whether to continue re-routing its ships.

The Suez Canal is used by roughly one third of global container ship cargo. Redirecting ships around the southern tip of Africa is expected to cost up to $1 million in extra in fuel for every round trip between Asia and northern Europe. Worries about potential disruption to Middle Eastern supply after the latest Red Sea attack drove oil prices higher in the first trading session of 2024.

Expectations that longer routes will result in higher freight rates have pushed up shipping companies' shares since the crisis began, and shares in Maersk were up 6.3% in late afternoon trading. Hapag-Lloyd shares were up 5%.

Unlisted French shipping group CMA CGM will increase its container shipping rates from Asia to the Mediterranean region by up to 100% as of Jan 15 compared to Jan 1, according to a notice on its website on Tuesday.

The Maersk Hangzhou, which was hit by an unknown object during the weekend attack, was able to continue on its way, with LSEG shipping data showing the vessel close to the Suez Canal on Tuesday.

The Iranian-backed Houthis, who control parts of Yemen after years of war, started attacking international shipping in November in support of Palestinian Islamist group Hamas in its war with Israel in the Gaza Strip.

That prompted major shipping groups, including Maersk and Hapag-Lloyd, to stop using Red Sea routes, instead taking the longer journey around the Cape of Good Hope.

But after the deployment of a US-led military operation to protect ships, Maersk had said on Dec 24 that it would resume using the Red Sea. According to Maersk, its alliance partner Mediterranean Shipping Company (MSC) was continuing to divert its vessels via the Cape of Good Hope. MSC did not immediately respond to a request for comment.

 

Top News / World+Biz

Shipping / Trade / Economy / Red Sea

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Infographics: TBS
    Inflated rents, ghost floors, Tk220cr advance: How Premier Bank funds lined Iqbal family’s pocket
  • File photo of a new NBR office in Agargaon, Dhaka. Photo: UNB
    NBR chief directs customs officials to clear consignments within a day
  • Ahsan H Mansur. TBS sketch
    True ownership of S Alam loans, shares under fake names to be proven thru state witnesses: BB governor

MOST VIEWED

  • Representational image/Reuters
    Dollar gets upward push as BB buys $10m more in auction at even higher rate
  •  ABM Khairul Haque. File Photo: Collected
    Former chief justice Khairul Haque detained
  • File photo of Bangladesh Bank. Photo: TBS
    Governor Mansur orders withdrawal of BB dress code after directive draws criticism
  • Representational image. Photo: Collected
    Tariff talks: Bangladesh, US set for crucial virtual meeting on 29 July
  • Mehreen Ahmed speaking to media on 11 July 2025. Photo: Collected
    Court disposes of Dhaka girl's case against parents seeking 'protection from abuse'
  • Hasina and Taposh in an event in 2020. Photo: Collected
    Al Jazeera investigation: Hasina, in call with Taposh, talks using helicopter to shoot, crush protesters in July uprising

Related News

  • Bangladesh handles over 8% of global daily mobile money transactions in 2024
  • Govt to import wheat from US at higher price to gain 'tariff concessions'
  • US tariff: Dhaka open to trade concessions but set to reject non-trade conditions
  • Bangladesh delegation visits China to promote investment opportunities
  • The Vietnamese economic miracle: What lessons does it offer for others?

Features

Illustration: TBS

The future of medicine: How innovations will catalyse quantum leaps in healthcare

13h | The Big Picture
Photo: Collected

24 July: More than 1400 arrested, 3 missing coordinators found

1d | Panorama
Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

2d | Panorama
Photo: Mehedi Hasan/TBS

Mourning turns into outrage as Milestone students seek truth and justice

2d | Panorama

More Videos from TBS

There are many more examples of trials of Chief Justices in the world.

There are many more examples of trials of Chief Justices in the world.

11h | TBS Today
Why is there a massive conflict between Thailand and Cambodia?

Why is there a massive conflict between Thailand and Cambodia?

11h | TBS News Updates
Former Chief Justice ABM Khairul Haque in prison

Former Chief Justice ABM Khairul Haque in prison

11h | TBS Today
The Nvidia Chip Deal Trades Away the United States’ AI Advantage

The Nvidia Chip Deal Trades Away the United States’ AI Advantage

11h | Videos
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net