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Shipowners Settle into New Normal Amid Red Sea Chaos: MEES

FREIGHT

Tanker owners are cashing in on the ‘new normal’ as insecurity deepens and no end in sight for diversions around the Red Sea, MEES said.

  • Maersk hiked its 2024 profit guidance for the second time to $9-$11 billion, up from $9 billion.
  • In July, Hapag Lloyd lifted its guidance price to $1.3-$2.4 billion, compared to $1.1 billion.
  • Few oil cargoes apart from some carrying Russian origin fuel are transiting through the Suez Canal, while there are almost no LNG transits.
  • Instead, markets have normalised the lengthier voyage around the Cape of Good Hope, locking in tankers for extended periods and boosting shipping rates.
  • The disruption has also altered the geographical distribution of crude. Heavy sour Middle Eastern barrels are headed to Asia customers, while light sweet grades from the Americas can easily make their way to Europe, Platts said.
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