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Maersk Rules Out Suez Canal Return Until 'Well Into 2025'

Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
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Maersk Rules Out Suez Canal Return Until 'Well Into 2025'

Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca

Danish shipping group A.P. Moller-Maersk said on Thursday it expects strong demand for shipping goods around the globe to continue in the coming months, though does not expect to resume sailing through the Suez Canal until "well into 2025.”
Attacks on vessels in the Red Sea by Iran-aligned Houthi militias have disrupted a shipping route vital to east-west trade, with prolonged re-routing of shipments pushing freight rates higher and causing congestion in Asian and European ports.
"There are no signs of de-escalation and it is not safe for our vessels or personnel to go there ... Our expectation at this point is that it will last well into 2025," Chief Executive Vincent Clerc told journalists, according to Reuters.
Maersk, viewed as a barometer of world trade, said in January it was diverting all container vessels from Red Sea routes around Africa's Cape of Good Hope for the foreseeable future.
The company said on Thursday it had seen strong demand in the third quarter especially driven by exports out of China and Southeast Asia.
Clerc said he saw no signs of a slowdown in volumes from Europe or North America in the coming months.
Maersk also confirmed robust preliminary third-quarter earnings released on Oct. 21 driven by high freight rates, when it also raised its full-year forecasts citing solid demand and the continuing disruption to shipping in the Red Sea.
Maersk's shares rose 2.4% by 0957 GMT.

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Malaysia Prime Minister Confident on Resolving Petronas-Petros Dispute

This handout photo taken and released by Malaysia's Department of Information on May 2, 2025 shows Kosovo's President Vjosa Osmani (L) speaking as Malaysia's Prime Minister Anwar Ibrahim (R) listens during a joint press conference in Putrajaya. (Photo by NIZAM ZANIL / MALAYSIA'S DEPARTMENT OF INFORMATION / AFP)
This handout photo taken and released by Malaysia's Department of Information on May 2, 2025 shows Kosovo's President Vjosa Osmani (L) speaking as Malaysia's Prime Minister Anwar Ibrahim (R) listens during a joint press conference in Putrajaya. (Photo by NIZAM ZANIL / MALAYSIA'S DEPARTMENT OF INFORMATION / AFP)
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Malaysia Prime Minister Confident on Resolving Petronas-Petros Dispute

This handout photo taken and released by Malaysia's Department of Information on May 2, 2025 shows Kosovo's President Vjosa Osmani (L) speaking as Malaysia's Prime Minister Anwar Ibrahim (R) listens during a joint press conference in Putrajaya. (Photo by NIZAM ZANIL / MALAYSIA'S DEPARTMENT OF INFORMATION / AFP)
This handout photo taken and released by Malaysia's Department of Information on May 2, 2025 shows Kosovo's President Vjosa Osmani (L) speaking as Malaysia's Prime Minister Anwar Ibrahim (R) listens during a joint press conference in Putrajaya. (Photo by NIZAM ZANIL / MALAYSIA'S DEPARTMENT OF INFORMATION / AFP)

Malaysia's Prime Minister said on Sunday he was confident that a dispute between energy company Petronas, owned by the federal government, and Petros, owned by the state of Sarawak, will be resolved through discussions with the Sarawak premier.
The two companies' long-running dispute over gas distribution rights escalated last week, with Petronas saying on Friday its Petronas Carigali subsidiary had received notices from the Sarawak state government about its activities there.
Petronas gave no further details but local media said Sarawak authorities told the company's Miri Crude Oil Terminal that it lacked a proper operating license, Reuters reported.
Sarawak has given Petronas Carigali 21 days to obtain the required license or face financial penalties under local state law, according to the reports.
Prime Minister Anwar Ibrahim said he spoke to Sarawak state premier Abang Johari Openg regarding Petronas and Petros issues, based on principles that were previously agreed upon.
"When the premier returns from his official visit to London, we will immediately conduct further discussions to finalize it.
"I am highly confident that this issue will be resolved prudently by standing on the path of healthy and meaningful discourse," he said on his Facebook page.
Anwar also urged all parties to refrain from taking any actions or issuing any statements in the meantime.
Negotiations between Petronas and Petros stalled last year, heightening uncertainty over operations and investments in Sarawak's oil sector.
The impasse has raised concerns about the potential impact on Petronas revenues, which are a major source of income for the federal government. Sarawak holds more than 60% of Malaysia's gas reserves.