Hapag-Lloyd Sees No Suez Passage Anytime Soon

Hapag-Lloyd sign on a container ship is pictured at the Valparaiso port, Chile, January 11, 2024. Reuters
Hapag-Lloyd sign on a container ship is pictured at the Valparaiso port, Chile, January 11, 2024. Reuters
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Hapag-Lloyd Sees No Suez Passage Anytime Soon

Hapag-Lloyd sign on a container ship is pictured at the Valparaiso port, Chile, January 11, 2024. Reuters
Hapag-Lloyd sign on a container ship is pictured at the Valparaiso port, Chile, January 11, 2024. Reuters

German shipping company Hapag-Lloyd does not anticipate the shipping industry to resume sailing through the Suez Canal anytime soon, even if a ceasefire between Hamas and Israel was reached now, a spokesperson for the company told Reuters on Tuesday.

The comments from the world's fifth-biggest shipping firm come after Palestinian groups welcomed a UN Security Council resolution backing a proposal for a ceasefire in Gaza, according to Reuters.

Hapag-Lloyd and Danish peer Maersk shares were down 5-6% on Tuesday afternoon on the news.

But “even if there were to be a ceasefire now, this does not mean that the Houthi attacks will stop immediately,” the spokesperson said.

Even after the Suez Canal opens again for transit it would take at least four to six weeks to rearrange the schedules and for operations to return to normal, Hapag-Lloyd added.

Commercial shipping has faced global disruptions, including in the Red Sea region, where operators are avoiding the Suez Canal because of attacks on vessels by Yemen-based Houthi militants.

Maersk declined to comment on the news. Its CEO said in February the company would need a permanent solution before considering returning to the Red Sea.



Gold Hits Another Record as Tensions Flare over Gaza, Trump Tariffs

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Hits Another Record as Tensions Flare over Gaza, Trump Tariffs

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold hit another record high above $3,000 on Tuesday, with investors seeking the metal as a haven from risk as conflict flared in the Middle East and US President Donald Trump pressed on with tariff plans.

Spot gold hit a peak of $3,028.24 in early trade, and by 0927 was up 0.7% at $3,023.30 an ounce. Prices climbed above $3,000 for the first time on March 14. US gold futures gained 0.9% to $3,032.

"There is a perfect storm of gold-supporting factors," said Ole Hansen, head of commodity strategy at Saxo Bank. "The latest focus is the Middle East concerns that come on top of economic concerns about the direction of the US."

Bullion, which is considered a hedge against geopolitical and economic instability, has gained more than 14% year-to-date and has struck record highs 14 times this year, according to Reuters.

Israeli airstrikes pounded Gaza, killing 326 people, Palestinian health authorities said on Tuesday, and collapsing a two-month ceasefire with Hamas.

Elsewhere, Donald Trump has floated plans for a series of US tariffs, including a flat 25% duty on steel and aluminium which came into effect in February, as well as reciprocal and sectoral tariffs that he said will be imposed on April 2.

Spotlight was also on the US Federal Reserve and other central bank meetings this week. The Fed has held interest rates steady so far this year after executing three rate cuts in 2024, but the market expects easing to resume in June.

"You have got the FOMC in the US amid quite a chaotic tariff policy backdrop that could send gold potentially even higher if they have a somewhat dovish stance on rates," said Nitesh Shah, commodities strategist at WisdomTree.

ANZ raised its three-month gold price forecast to $3,100 and its six-month forecast to $3,200, while UBS set a price target of $3,200 for this year.

Silver gained 0.6% to $34.03 an ounce, platinum added 0.6% to $1,005.70, and palladium climbed 1.4% to $977.96.