financetom
World
financetom
/
World
/
Suez Canal blockage: Maersk halts spot booking, warns of 'disruption' for weeks
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Suez Canal blockage: Maersk halts spot booking, warns of 'disruption' for weeks
Apr 1, 2021 6:22 AM

Ever Given, the huge container ship that blocked the Suez Canal for six days, was finally refloated earlier this week. But a clear Suez Canal may not make things normal right away as container shipping giant Maersk has suspended spot bookings and warned of "disruption" for weeks to come.

The company expects the impact of the six-day blockage on the global supply chain as it had communicated previously. “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,” Maersk said on its website.

The company has decided to temporarily suspend short term bookings placed via Spot -- Maersk’s online booking platform -- and short-term contracts, it said, "expecting a significant loss in capacity over multiple weeks, depending on market dynamics."

Maersk will continue to accept short-term bookings on other services where the local availability allows. They will issue information as soon as the suspended services are once again ready to be availed on Maersk.com or through any other preferred platform.

The suspension of these services affects all exports out of Asia due to expected equipment shortages.

The suspension includes North American exports to the Middle East and Indian subcontinent and East Africa. Exports from Latin America to the Middle East and Indian subcontinent via the Mediterranean will be hit too.

It also impacts exports from East Africa to Europe, and West Africa to Asia, Middle East and Indian Sub-Continent via the Mediterranean.

Maersk, however, assured that the suspension was only temporary and to ensure existing laden cargo and empty containers could be moved quickly to the areas they are needed immediately.

In total, 163 vessels awaited transit in Suez, 137 vessels in Port Said and six vessels were waiting in the Great Bitter Lakes. "We expect that it will take approximately a week to move the complete queue through the canal, conditional to safety and other operational circumstances," Maersk said in its March 30 update after Ever Given was refloated.

The Ever Given container ship was wedged in the Suez Canal, perhaps the most crucial maritime route in the world, for a week. The ship drew attention from the whole world and was a major cause of concern for the shipping industry.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
CANADA FX DEBT-Canadian dollar sticks to recent sideways trading pattern
CANADA FX DEBT-Canadian dollar sticks to recent sideways trading pattern
Feb 24, 2025
* Loonie trades in a range of 1.4183 to 1.4244 * Speculators cut bearish bets on the currency * Price of U.S. oil settles 0.4% higher * Bond yields ease across the curve By Fergal Smith TORONTO, Feb 24 (Reuters) - The Canadian dollar steadied against its U.S. counterpart on Monday, extending its recent sideways trading pattern, as investors awaited...
Morning Bid: Peace hopes pierce gloom, but safety trades dominate
Morning Bid: Peace hopes pierce gloom, but safety trades dominate
Feb 24, 2025
(Reuters) - A look at the day ahead in Asian markets.  World markets are at a delicate juncture as a string of unexpectedly soft economic indicators intensify U.S. growth concerns, just as rising global trade tensions and geopolitical uncertainty are already clouding the investment landscape. Stocks are feeling the heat and the dollar is under pressure too, while safe-haven assets...
CANADA STOCKS-TSX ends near flat ahead of bank earnings reports
CANADA STOCKS-TSX ends near flat ahead of bank earnings reports
Feb 24, 2025
* TSX ends up 0.02% at 25,151.26 * Consumer staples sector adds 2.1% * Energy falls 0.9% * BMO, Scotiabank report on Tuesday (Updates at market close) By Ragini Mathur and Fergal Smith Feb 24 (Reuters) - Canada's main stock index ended nearly unchanged on Monday as investors awaited quarterly earnings reports from the nations major banks, with gains for...
MORNING BID ASIA-Peace hopes pierce gloom, but safety trades dominate
MORNING BID ASIA-Peace hopes pierce gloom, but safety trades dominate
Feb 24, 2025
Feb 25 (Reuters) - A look at the day ahead in Asian markets. World markets are at a delicate juncture as a string of unexpectedly soft economic indicators intensify U.S. growth concerns, just as rising global trade tensions and geopolitical uncertainty are already clouding the investment landscape. Stocks are feeling the heat and the dollar is under pressure too, while...
Copyright 2023-2025 - www.financetom.com All Rights Reserved