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Clerc says that Red Sea effect is a far cry from pandemic surge

Although the attacks on ship has caused a bump in freight rates, the market faces a huge surplus of ships that could last into 2025.
The long route around Africa that shipping companies have been forced to take after the Houthi movement's attacks on ships in the Red Sea is in no way a repeat of the pandemic, where supply chain congestion caused freight rates to skyrocket, says Maersk's CEO. | Photo: Thomas Traasdahl/Ritzau Scanpix
The long route around Africa that shipping companies have been forced to take after the Houthi movement's attacks on ships in the Red Sea is in no way a repeat of the pandemic, where supply chain congestion caused freight rates to skyrocket, says Maersk's CEO. | Photo: Thomas Traasdahl/Ritzau Scanpix
by Dag Holmstad, Niklas Krigslund

The soaring freight rates due to the Red Sea crisis cannot be compared to the two extreme years during the pandemic, when shipping lines delivered all-time high profits due to congestion in the supply chain, says Maersk chief executive Vincent Clerc.

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