Extremely rough seas have made it impossible for commercial shipping to operate around the lower end of South Africa, adding to supply chain disruptions.
Spot-exposed carriers are likely to see a boost to their Q1 2024 financials.
A growing number of ship operators are refusing to transit the Red Sea and taking a very long detour around Africa instead.
Additional dredgers have been brought in to help dig out the 20,000-TEU Evergreen Marine container ship.
German container carrier also boosting lines of credit to tap if needed and holding off on buying new ships.
