Newsletter – January 25, 2024

OCEAN FREIGHT UPDATES

Two Maersk box ships come under fire in latest Houthi missile attack
theloadstar.com
A week after US president Joe Biden admitted airstrikes were not preventing Houthi attacks on shipping, another missile attack last night forced two Maersk vessels to abandon their naval convoy and flee the Red Sea.
US-flagged Maersk Detroit (pictured above) and Maersk Chesapeake were under escort by US naval vessel USS Gravely and were carrying military supplies when Houthi militants attacked them with a barrage of missiles. Read more here (login required).

Insurance refusal and higher premiums adds to pressure on carriers
theloadstar.com
Insurers are beginning to refuse US, UK and Israeli carriers cover for their vessels transiting the Red Sea – and alternative routings also risk heightened premiums.
War-risk premiums have surged since Iran-backed Houthi militia began attacking vessels in the region in mid-November; one report suggested a rise from 0.01% of vessel value in early December to 1% currently. Read more here (login required).

THE Alliance carriers move to calm customer nerves after Hapag defection
theloadstar.com
Following Hapag-Lloyd’s shock resignation from THE Alliance last week, its partners today reaffirmed their “unwavering commitment to maintaining a robust cooperation throughout 2024” – an announcement that included Hapag.
Since Hapag-Lloyd and Maersk announced that, from February 2025, they would form a new vessel-sharing alliance, the Gemini Cooperation, on the major east-west tradelanes, there has been intense speculation over the future of THEA. Read more here (login required).

GROUND FREIGHT UPDATES

Alarm as road blocks by truckers and farmers spread across Europe
theloadstar.com
The World Road Transport Organisation (IRU) has urged EU member states to address the “threat to free movement” from protests by farmers and truckers sweeping across the continent.
In the past 24 hours, roadblocks and rolling blockades have spread across France, in response to farmers’ anger at efforts by supermarkets to force down prices, and there is a combined protest by German farmers and truckers against environmental legislation. Read more here (login required).

In Panama Canal droughts, CPKC sees intermodal opportunity
supplychaindive.com
CPKC President and CEO Keith Creel sees a unique opportunity to grow the railroad’s intermodal business but not in the U.S. or Canada — in Panama.
With drought conditions in the Panama Canal expected to persist this year, some shippers continuing to use the waterway are turning to rail service to keep containers flowing. Read more here.