Major disruptions in container traffic following new restrictions in South Chinese ports as a result of a Covid-19 outbreak has send freight rates to new heights, as indicated by the FBX Baltic Container Index, says shipping analyst Lars Jensen.
The challenges for container traffic in Chinese ports are mounting as the Covid-19 outbreak continues to spread. The number of vessels either waiting to enter the ports or being rerouted is growing fast.
The Covid-19 outbreak in South China and major port terminal Yantian is causing more problems and delays in an already heated container market, which "significantly increases" the risk of capacity issues into 2022, says analyst Lars Jensen.
The global merchant fleet could fall short of a record number of naval officers in coming years. The global fleet is growing, while a career at sea has become less attractive, assesses Drewry, while pointing to effects of the Covid-19 pandemic.
The overheated container market, marked by enormous demand and resulting bottlenecks and capacity shortages, could make it harder for many countries to revive growth after the prolonged Covid-19 lockdowns, according to shippers of Global Shippers' Forum.
The number of seafarers stranded aboard vessels well beyond the term stated in their contract has increased in the past month, primarily due to a surge in Covid-19 cases in, among other countries, India and Pakistan, writes Neptune Declaration in an update.
Since the Covid-19 pandemic erupted, Norwegian insurance company Gard has received 1,000 claims from complications related to infections aboard vessels. The annual results for 2020 were saved by the stock market and fewer major claims in the second half of the year, the CEO tells ShippingWatch.
Seafarers from two Torm ships will be vaccinated against Covid-19 today and tomorrow under a new US vaccination program. CEO Jacob Meldgaard, who also chairs Danish Shipping, urges other countries to follow suit. "This is really important for seafarers," he tells ShippingWatch. Anglo-Eastern has also accepted the vaccine program.
As soon as consumption, bottlenecks and container shortages subside, companies will have to rebuild inventories. This could be the reason why Maersk estimates market expectations all the way until the fourth quarter, assesses SEB. Scan Global criticizes the high freight rates.
The upturn in the container market has been shown to continue, and this prompts MPC Container Ships to raise its earnings expectations for the current year. So far, the share price is up 75 percent this year.