Taiwan's Evergreen shipping line halt all transits through the Red Sea.
Evergreen is the sixth largest container shipping company in the world.
Almost 60% of the global container fleet is now avoiding the Red Sea, the global economy cannot escape from inflation caused by this shipping stoppage.
In order for products to travel from Asia to Europe, instead of ships taking the Red Sea through the Suez Canal, into the Mediterranean, those ships will now have to travel around the southern tip of Africa, adding 14,000 miles and three weeks travel time, to each shipload.
The increased shipping costs per ship, because of these extra miles and the extra time, will add gigantic costs to the goods those ships carry. Consumers will then feel those increased costs for the items they buy.
Evergreen Shipping Line is now the SIXTH major ocean shipping company to halt service to Israel via the Red Sea. Other shipping lines that have already announced a halt to Red Sea services are:
MAERSK
Hapag-Lloyd
CMA-CGM
COCSO (OOCL-Hong King), and;
MSC
As of this morning, 18 December 2023, more than sixty percent (60%) of planetary ocean shipping lines, will no longer service Israel or through the Red Sea.
This disruption of the global supply chain will have immediate, negative, effects everywhere on the planet, as Global Commerce suffers a gigantic delay or outright halt.
UPDATE 9:21 AM EDT --
EURONAV in Belgium, just announced they are halting services through the Red Sea.
Euronav is a Belgian international shipping enterprise which focuses on oil transport by sea. Euronav is considered to be one of the major independent global oil shipping firms.
UPDATE 9:57 AM EDT --
British Petroleum (BP) announced this morning they are suspending all OIL Shipments by vessels through the Red Sea.
No oil for Europe . . . in the middle of Winter!
