A.P. Møller – Mærsk A/S released its March Market Update, stating:
The safety of our vessels, seafarers and customers' cargo continues to be our priority amid the ongoing situation around the Red Sea / Gulf of Aden. We are monitoring developments closely and will communicate any new information with customers as soon as possible. Please click here for more details on contingencies, surcharges, and service updates.
Nearby Egypt, meanwhile, is looking to tackle persistent inflation by increasing interest rates and shifting to flexible exchange rates. The immediate impact of the decision has seen the Egyptian Pound weaken in early March, and while it's difficult to foresee the long-term implications, we expect a boost in Egypt exports and a potential reduction in imports due to uncertainty. We will keep a close eye on the circumstances and look to minimise any potential supply chain impact on our customers.
Elsewhere, the fruit and vegetables export season out of Europe continues to be strong, and we are expecting volumes to continue to be high until the end of May 2024. Maersk implemented a number of measures to ensure reefer containers are readily available for customers despite a shortage in the industry, and we are committed to providing equipment through the peak season and beyond to get commodities on shelves at the right time.
The end of fruit and vegetables peak season will also spark the start of summer, and this year's warmer weather could bring opportunities for businesses in Europe with the European Football Championship taking place in Germany followed by the Summer Olympics in Paris.
Sporting events typically have a significant impact on local consumption, as they attract large crowds of spectators who contribute heavily to the local economies. They also have a ripple effect on global trade given the increased demand for merchandise, promotional items and other products associated with the events.
Previous Olympics and major football tournament years have warranted a spike in container traffic, and we are expecting data to be similar in 2024. Our teams are on hand to discuss how your business can maximise the benefits of the upcoming events and get products to the right markets at the right time.
Key Ports Update
The interim network built around the ongoing situation around the Red Sea is now finalised and implemented, however it remains in a transition period where the old and new network are interchanging. Although minor disruptions are possible for another two weeks, our teams continue to focus on eliminating their impact to customers and safeguard a smooth flow of cargo.
Click here to read the full PR.
For more information: maersk.com