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Maersk, the world’s leading shipping company, has announced the resumption of operations in the Red Sea and Gulf of Aden. This decision comes after a temporary suspension due to attacks by Iran-backed Houthi rebels on commercial vessels.
Operation Prosperity Guardian: A Multinational Initiative
The Danish shipping giant revealed on Sunday that it would resume shipments in the region following the establishment of a new security operation led by the United States. Termed “Operation Prosperity Guardian,” this initiative involves a coalition of nations, including the United Kingdom, Bahrain, Canada, France, Italy, the Netherlands, Norway, Seychelles, and Spain.
Maersk welcomed this development, stating that it is “most welcome news for the entire industry and indeed the functionality of global trade.”
Impact on Global Trade and Shipping Costs
The attacks by the Houthi rebels had prompted major companies, such as oil giant BP, to suspend their operations in the Red Sea. This, coupled with the avoidance of the Suez Canal, led to disruptions in the shipping industry.
Approximately 10% to 15% of global trade, including 30% of container trade, passes through the Red Sea-Mediterranean Sea waterway. The redirection of ships around the southern tip of Africa raised concerns about increased freight costs and delivery times.
Maersk, in response to the disruptions, had diverted its vessels away from the Red Sea earlier in the month. Additionally, the company introduced new charges to transport goods along longer routes.
Resuming Operations with Caution
In its statement on Sunday, Maersk expressed its commitment to preparing its first vessels to resume transit through the Red Sea “as soon as operationally possible.” However, the safety of employees remains the top priority for the company.
While emphasizing the enhanced security measures, Maersk acknowledged that the overall risk in the area is not entirely eliminated. The company stated, “Maersk will not hesitate to reevaluate the situation and once again initiate diversion plans if we deem it necessary for the safety of our seafarers.”
Details about the new arrangement will be shared by Maersk in the coming days, reinforcing the company’s dedication to maintaining the highest safety standards in navigating these challenging circumstances.
As the shipping giant prepares to re-enter the Red Sea, the global trade community watches closely, hoping for sustained stability in one of the world’s most crucial maritime routes.
Source:CNN
