Maersk hit by global sea freight market shrinkage
The major shipping lines have reported a substantial year-on-year (YoY) decrease in Q3 revenue.
According to supply chain research and analysis specialist Sea-Intelligence, the market shrinkage is the result of exceptional growth in 2021-2022 due to the pandemic. As a result, it says, revenues are falling to levels consistent with the pre-pandemic market.
Earlier this month, Maersk announced cost-cutting measures to counter challenging market conditions. This includes reducing its workforce from 110,000 to 103,500. The Danish shipping giant's Q3 2023 revenues fell to $12.1bn, compared to $22.8bn in Q3 2022.
The Sea-Intelligence’s report also revealed there has been significant growth in the demand for recreational goods and services in the maritime industry.
Cargo shipping under attack in Middle East
Cargo vessels have come under attack in international waters in the southern Red Sea off the coast of Yemen, the US military has revealed. Yemen's Houthi group claimed responsibility for the attacks.
One ship is in danger of sinking and another is "lightly damaged", military sources say.
The incident follows a series of attacks in Middle Eastern waters since war broke out between Israel and the Palestinian militant group Hamas on Oct. 7.
The vessels attacked are the Bahamas-flagged bulk carrier, Unity Explorer, owned by Unity Explorer and managed by London-based Dao Shipping. The ship was scheduled to arrive in Singapore on December 15.
The other ship was Number 9, which was headed to Suez, and is a Panama-flagged container vessel owned by Number 9 Shipping and managed by UK-based Bernhard Schulte Ship Management.
DHL runs airports logistics disaster plan
The first Get Airports Ready for Disaster (GARD) Program was successfully completed at Paro International Airport in Bhutan.
The GARD Program is a global public-private partnership aimed at supporting airports in planning for their role as logistical hubs in the event of disasters such as floods, earthquakes, fires, and landslides, as well as integrating the airport's role in national emergency plans.
The Program saw 50 participants work on various topics, including identifying potential bottlenecks and action measures to quickly increase capacity in case of a disaster.
The program is a joint effort between participating countries, the International Federation of Air Traffic Controllers (IFATCA), and lead trainer, DHL Group.
Source: Supplychaindigital
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