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Red Sea crisis continues to impact shipping industry

The ongoing Red Sea crisis has significantly spurred the global market for container ships, as reported by Alphaliner. From January to June 2024, a total of 141 container ships amounting to 572,600 TEUs were sold, marking an increase from previous months.

Photo: Dreamstime

This surge, averaging 23 units per month compared to 15 in late 2023, reflects heightened demand driven by vessel rerouting away from the Suez Canal due to security concerns stemming from the conflict involving Iran-backed Houthi rebels.

Initially seen as a temporary disruption, the prolonged crisis has prompted liner operators to expand their fleets to maintain consistent shipping schedules.

Prices for container ships have risen in response to heightened demand, with notable transactions including Peter Doehle's purchase of the 9,954 TEU Aristomenis for US$51 million and CMA CGM's acquisitions of vessels for US$22.5 million and US$26 million respectively.

Looking ahead, Alphaliner anticipates continued firming of prices into July, although the market may stabilize as carriers prioritize charter market opportunities over asset sales.

Source: www.container-news.com

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