World News
Maersk Halts Spot Bookings on Suez Blockage Backlog
Container shipping giant AP Moller-Maersk has halted spot bookings of some its services in response to last week's blockage of the Suez Canal, warning of disruption for 'weeks to come'.
"We have earlier communicated that even when reopened, the blockage of the Suez Canal would have ripple effects on global supply chains for weeks to come," the company said in a note to customers on its website on Tuesday.
"We are doing our utmost to mitigate the impact and minimise the total impact of our customers' supply chains."
The company is "expecting a significant loss in capacity over multiple weeks, depending on market dynamics," it said.
The 20,000 TEU boxship the Ever Given ran aground in the Suez Canal a week ago, blocking a key chokepoint for the global shipping industry for six days and leaving a backlog of several hundred vessels waiting to traverse the waterway.
Maersk's halt of spot bookings and short-term contracts applies to the following routes, it said:
- Exports out of Asia to all markets, due to expected equipment shortage
- Exports out of West Central Asia to Europe and North Africa, North America East Coast, West Africa via Mediterranean, Latin America via Mediterranean
- Exports out of Europe to Asia, Middle East and Indian Sub-Continent, Oceania
- Exports out of North America to Middle East and Indian Sub-Continent, East Africa
- Exports out of Latin America; East Coast South America to Middle East and Indian Sub-Continent and Asia via Mediterranean, Central America and West Coast South America to Middle East and Indian Sub-Continent
- Exports out of Africa; East Africa to Europe, West Africa to Asia, Middle East and Indian Sub-Continent via Mediterranean
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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