Maersk Oil

According to Maersk, the effects of the situation in the Red Sea are widening and continuing to cause industry-wide disruptions

Maersk is viewed as a barometer of world trade

With a fleet of 20 smaller container vessels, the unit ships goods for U.S. agencies including the Department of Defense, State Department and USAID, Maersk said

The increasing Red Sea crisis may impact trade as it is expected to push shipping costs by up to 60 per cent and insurance premium by 20 per cent, a report by economic think tank GTRI said on Saturday. This conflict could also result in increased shipping costs (40-60 per cent) and delays due to rerouting (up to 20 days more), higher insurance premiums (15-20 per cent), and potential cargo loss from piracy and attacks. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, resulting in delays of about 20 days. The Houthi conflict's disruption of the Red Sea shipping lanes significantly impacts Indian trade, especially with the Middle East, Africa, and Europe, the Global Trade Research Initiative (GTRI) said. It said that India, heavily rel

Maersk on Friday joined other major ocean carriers in rerouting ships away from the Red Sea to avoid missile and drone attacks in an area that leads to the vital Asia-Europe Suez Canal shortcut

Shipping giant Maersk said it will divert all vessels away from the Red Sea for the foreseeable future, warning customers of disruptions

Prosecutors said there was evidence of bribe payments to Petrobras employees in exchange for privileged information that allowed Maersk to secure shipping contracts

Purchase also signals some oil majors are prepared to invest to replenish reserves, boost production