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...The issues arise as terminals for handling finished cars are also suffering severe congestion, largely because of a surge in the number of vehicles being exported from Asia to Europe and North America and...
...More than half of the container shipping by volume scheduled to link Asia and North America was set to cross either the Panama or Suez canals during the third quarter of this year, according to trade analysis...
...They accounted for over half of the container shipping by volume scheduled between Asia and North America in the third quarter, according to estimates from trade analysis group MDS Transmodal....
...Shipping lines have increasingly been deserting Red Sea and Suez Canal routes since late November....
...Larsen pointed out that certain shipping companies were continuing to use the Suez route....
...However, Bodouroglou said “a number of charterers” had asked his members to remove the wartime clause from charter contracts to ensure the shipping companies had no right to divert away from the Suez Canal...
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...Such a route might involve sailing between Asia and Europe via the Cape of Good Hope rather than the Suez Canal....
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...The issue has emerged since attacks by Yemen’s Houthis in December prompted most carriers to stop using the normal Asia-to-Europe route through the Red Sea and Suez Canal....
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...Many factors explain this remarkable resilience, but an important one is the role America has played over recent decades in keeping shipping lanes open, particularly by clearing them of pirates....
...The responsibility for keeping the trade artery open between east and west no longer lies with commercial shipping companies....
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...In 2021 the equivalent container shipping price exceeded $14,000 and that had little to do with the six days the Ever Given was stuck in the Suez Canal after running aground....
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Head of London market says disaster may produce largest maritime claim in history
...rates,” said Emily Stausbøll, market analyst at Xeneta, a shipping data firm....
...The ship is a “Suezmax” tanker, the largest kind that can use the Suez Canal fully laden....
...Egypt is likely to be one of them, given its reliance on shipping via the Suez Canal, which raised more than $9bn in transit fees in the last fiscal year. Companies are also reporting strains....
...Maersk said that, as of Monday, it had about 20 vessels paused, half of which were waiting east of the Gulf of Aden and the rest waiting south or north of the Suez Canal....
...Global shipping companies have halted journeys through the Red Sea because of the threat of attacks by Yemeni rebels, in moves that could disrupt vital trade through the Suez Canal....
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