Interruptions in Red Sea cargo traffic may last until year-end

Interruptions in Red Sea cargo traffic may last until year-end — FT

Business & Economy May 02, 15:34

"At the shortest, we would see trade resume on its old pattern late in this year," Vincent Clerc noted

LONDON, May 2. /TASS/. The disturbance with the cargo traffic in the Red Sea may continue until the end of this year, CEO of Denmark-based AP Moller-Maersk told The Financial Times.

"We can see that the situation in the Red Sea is not going to be shortlived, but will last at least into the second half of the year," Vincent Clerc said. "At the shortest, we would see trade resume on its old pattern late in this year," he added, cited by the newspaper.

Since late 2023, the company suspended cargo transportation through the Red Sea and started redirecting ships from the Mediterranean to Asia around the Cape of Good Hope. Moller-Maersk reported a 13% drop in revenues year on year to $12.4 bln in the first quarter of 2024.