The CEO of Hapag-Lloyd tells CNBC inventories are depleted in many cases and the ocean carrier has seen a recovery after Chinese New Year.
"We also see that inventories are depleted in many cases and so far we've seen a good recovery after Chinese New Year," Jansen said."So we've been fairly happy with that."this week and slashed its dividend, which led to a stock decline. It was the third-best group profit in company history, albeit significantly lower than 2022, which was fueled by container congestion and high freight rates.
The route around the Horn of Africa is longer and more fuel is being burned by container vessels. In addition to the added costs, according to Sea-Intelligence, the Red Sea diversions could increase carbon dioxide emissions by 260%–354%..
In January, Maersk and Hapag-Lloyd announced the Gemini alliance, which will take effect early next year. Both carriers say they will achieve a schedule of reliability of greater than 90% once the new network is fully rolled out, which would be a huge improvement, with Sea-Intelligence calculating global reliability at around 51.6%.