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Red Sea crisis distorts container shipping market

The Seatrade Maritime website reports that the idle container ship fleet has contracted again as the crises in the Red Sea and Panama Canal suck capacity into service diversions and distort the market, as newbuildings arrive to alleviate the tonnage crunch.This makes interesting reading for the U-Freight Group with our portfolio of global ocean freight forwarding services.Quoting Alphaliner’s latest weekly report, the Seatrade Maritime article says in regards to the shipping market that the idled fleet is now at its lowest level for more than 22 months at just 84 ships of which one is larger than 12,500 teu and none are greater than 18,000 teu.It adds that the number of vessels that are in repair yards has also dropped significantly over the last two weeks, falling to 99 ships on 12 February, totalling 236,266 teu, an average size of under 2,400 teu. A reduction of six ships, consisting of 73,769 teu, averaging around 12,300 teu per vessel.The full story can be read here: U-Freight Group is committed to helping clients manage this difficult situation facing container shipping at present and mitigate where possible additional costs incurred. Our ocean freight teams will endeavour to keep in close contact with all clients to provide updates on specific movements.For more information about our ocean freight forwarding and logistics services, please visit the relevant pages of this website or contact your local office, which can be seen here: