Maersk, Hapag-Lloyd Form Shipping Alliance in Industry Reshuffle
Danish shipping giant A.P. Moeller-Maersk and Germany's Hapag-Lloyd are teaming up to form a new vessel-sharing agreement from next year, shaking up the global lineup of shipping alliances.
Following the end to the pandemic-fueled cargo boom, when freight demand outstripped the supply of ships, the industry has been left with a surplus of vessels and sharply lower freight rates. Now, the recent escalation of hostilities in the Middle East has forced shippers to divert their vessels by thousands of miles to avoid the Red Sea...
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