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Maersk and Hapag-Lloyd of Germany have reached a long-term cooperation to build a fleet of about 300 ships with a total capacity of 3.4 million containers, which will start in February 2025.
Maersk CEO Vincent Clark said the partnership, called “Gemini Collaboration”, will provide a flexible marine network that will enhance integrated logistics services. Hapag-Lloyd will exit THE Alliance in favor of a partnership with Maersk. Maersk’s partnership with MSC will end in January 2025.
International maritime trade is facing choppy waves as Yemen’s Houthi rebels attack ships in the Red Sea, causing freight rates to soar. About 12% of the world’s maritime traffic passes through the Red Sea, avoiding the region increases delivery times and freight costs. The increase comes in the wake of the Covid-19 pandemic, which led to record levels of freight rates due to supply chain blockages.
(Source: AFP Image source: freepik)
