$COSCO SHP SG (F83.SG)$$SamuderaShipping (S56.SG)$ There wil...
There will be a oversupply of container ships.
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丰衣足食 : 0.695 investment on dips
丰衣足食 : Share the benefits of Red Sea damage with seafarers
As shipping companies' profits benefit from Red Sea damage, the Singapore Maritime Officials Union (SMOU) is calling on companies to remember seafarers in terms of bonuses.
Marcus Hand | Feb 14, 2024
Mary Liew, Secretary General of SMOU, said at the SMOU and Wavelink Lunar New Year luncheon: “The shipping industry is going through difficult times due to the 3W, namely the heat war, trade war, and technology war. Despite these challenges, the maritime sector continues to show resilience.”
Liew commented that shipping performed very well during the COVID-19 pandemic, and now with the Red Sea crisis, container shipping is booming, but she pointed out “for the wrong reasons.” Disruptions caused by the diversion of most container ships from the Red Sea/Suez Canal through the longer Cape of Good Hope route have more than doubled the cost of spot freight.
Related reports: Due to terrorist attacks in the Red Sea, the price of spot containers in Asia and Europe has risen by more than 100%
“We are happy for our shipping company, but at the same time, I want to remind all of us here today that it's because of our seafarers. So keep in mind that when you give bonuses to employees, consider your seafarers.”
Singapore's Minister of Transport and Second Finance Minister Chee Hong Tat expressed Liew's views during an event speech