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Evergreen, Yang Ming hold off to resume Red Sea route
Taiwanese shipping companies Evergreen Marine Corp. and Yang Ming Marine Transport Corp. have chosen not to resume their Red Sea route following Maersk’s decision to do so. Maersk reinstated the route due to the "Red Sea crisis" caused by increased violence from Yemen’s Houthi rebels. The deployment of the multinational naval task forces under the U.S.-led Operation Prosperity Guardian (OPG) has allowed maritime trade to pass through the Red Sea/Gulf of Aden and resume using the Suez Canal. However, Maersk warns that the overall risk in the region has not been eliminated. The decision has led to concerns about container prices and resulted in a decline in Evergreen and Yang Ming’s stock prices. Freight rates for European and American shipping liners saw a significant increase after Maersk’s announcement.2023/12/26 18:31 -
Shipping companies reroute amid escalating Red Sea crisis
The escalating Red Sea crisis prompts shipping companies to reroute, with ten shipping routes from Taipei and Kaohsiung passing through the Red Sea. The Houthi movement, favoring Iran, targets ships in the Red Sea, leading international and local shippers to prioritize safety by announcing delays or re-routing around the Cape of Good Hope. Shipping companies opt to navigate around the Cape or temporarily suspend services, expecting disruptions in ship schedules. The situation mainly affects regional operations and does not yet have global consequences, resulting in no congested ports like during the pandemic. National shipping lines have temporarily ceased accepting cargo for ports in Israel, with further assessments on route adjustments to be made.2023/12/20 21:04 -
Evergreen halts Red Sea shipping amid Houthi threats
Evergreen Marine Corp, a Taiwanese shipping company, has temporarily suspended its shipping services through the Red Sea due to security threats posed by Houthi militants. This decision comes after a series of attacks on commercial ships by the Yemen-based group, which has escalated tensions in the region. Evergreen joins other global shipping giants, including Orient Overseas Container Line, CMA CGM, Maersk Group, Hapag-Lloyd, and Mediterranean Shipping Company, in halting passage through the Red Sea. The attacks by the Houthis, aimed at blocking ships en route to Israel, have led to the interception of drones and missiles by the U.S. Navy, British Navy, and French Navy. In response to the exacerbating security situation, Evergreen has rerouted its ships from Asia to the Mediterranean and the U.S. East Coast to avoid the Red Sea. British Petroleum (BP) has also suspended its oil transit through the Red Sea due to increased risks.2023/12/19 10:06