Suez Accident: Japanese Shippers Look For New Ways To Europe

Suez Accident: Japanese Shippers Look For New Ways To Europe

Japanese shipping companies are looking to reduce their reliance on the Suez Canal. They are stepping up their search for an alternative route connecting East Asia to key markets in Europe.

Andrew H. Sweet
Andrew H. Sweet
  • Japanese transportation companies were already exploring alternative routes between East Asia and the critically important markets of Europe.
  • Three alternative routes are available to link East Asia with Europe, while a fourth is under development.
  • The ongoing problems following the grounding of a container ship, the Japanese-owned Ever Given, in the Suez Canal in March, has seen them step up their search.
  • Growing instability in the Middle East is a factor, but Ever Given's owner Shoei Kisen Kaisha Ltd., based in Japan's Ehime Prefecture, is also deeply unhappy that it is in the middle of a legal battle over the accident.
  • An Egyptian court granted the Suez Canal Authority a request to hold the 400-meter vessel until the owner pays more than $900 million (€737 million) in compensation. The owners have not been permitted to unload the ship's cargo.

Read the original story here.

Comments

Sign in or become a tippinsights member to join the conversation.
Just enter your email below to get a log in link.