Danish shipping company Maersk has announced plans to introduce new surcharges starting in June, due to disruptions in trade along the Red Sea.
Since December, Maersk and other shipping companies have been diverting vessels around Africa’s Cape of Good Hope to avoid attacks by Iran-aligned Houthi militants in the Red Sea. This longer route has resulted in increased freight rates.
The ongoing armed conflict between Israel and Hamas-led Palestinian militant groups in the Gaza Strip, which began on October 7, 2023, has exacerbated the situation. In a customer advisory, Maersk updated clients on the disruptions in the Red Sea and what to expect in the coming months, indicating that the disruptions are likely to continue into the third quarter of 2024.
Maersk stated, “As we shared in our 6 May update, the complexity of the situation in the Red Sea and the ripple effects on global supply chains have intensified in recent months. This has caused industry-wide disruptions. We now expect that these disruptions will continue into the third quarter of 2024.”
To manage the additional costs, Maersk will temporarily increase some surcharges. “You will see relevant surcharges on your latest invoices, some higher than last month. Please know that we will continue to review the surcharges regularly and keep you updated on changes. You can also find the latest information on our dedicated surcharges page on Maersk.com,” the statement added.
The company explained that the ongoing security issues in the Red Sea are increasing costs related to fuel and additional charter rates due to the longer journey. Additionally, Maersk has increased sailing speeds, leased an additional 125,000 containers, and reorganized its fleet to enhance capacity in response to the current challenges.
