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Red Sea crisis leads to 2nd largest capacity drop, says Sea-Intelligence; Drewry World Container Index up 23%

"Suez Canal diversions will inflate shipping costs for as long as the situation lasts but trade always finds a way"

Index has increased by 44% compared with the same week last year, and is the highest since October 2022

Maersk decides to divert all vessels around Cape of Good Hope for foreseeable future.

Average P/B multiple for peer companies works to be 0.75x; with transaction at 0.48x, Harim ends up with a quality deal

"Operation Prosperity Guardian set up & deployed to allow maritime commerce to pass through Red Sea/Gulf of Aden"

MSC introduces a new acronym - contingency adjustment charge (CAC), Maersk, CMA CGM announce diversions

The box pool will decline by 2.6% this year with a further contraction expected in 2024

Restrictions on drought-stricken Panama Canal starting to impact vessel capacity serving exports of perishables: Drewry

Globally, general preference is to renew or extend with incumbent operator.

Drewry is expecting a 60% reduction in freight rates this year to be followed by a drop of 33% in 2024

Moving empty shipping containers is currently adding empty miles cost of at least $16 billion/year