Maersk and other container lines - eight of the 10 major ones IIRC - were already diverting ships away from the Suez Canal, via the Cape of Good Hope, adding at least 10 days to transit times.
Indirectly, this will adversely affect the number of days it takes containers to reach Europe from Australia and vice versa. The majority of our containers are bound to or from Asia, but quite a lot travel to and from Europe and the UK.
QUB is not a container line, but the instability is hardly ideal for the whole logistics and supply chains:
"USS GRAVELY shoots down two anti-ship ballistic missiles while responding to Houthi attack on merchant vessel. Today at approximately 8:30 p.m. (Sanaa time), container ship MAERSK HANGZHOU reported it was struck by a missile while transiting the Southern Red Sea..." (from a post on 'X'.)
My prayers are for seafarers - many of whom are Filipino or Indian - risking their lives to bring us a huge range of goods that are essential or highly desired by us or are families and friends.
QUB Price at posting:
$3.24 Sentiment: None Disclosure: Not Held
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