The carrier reported a steep drop in profitability as declining rates combined with higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network.
The entire port workforce had walked off the job almost two weeks ago to protest a government decision to lease the port’s busiest terminal to DP World.
Ship operators say a return to the Red Sea hinges on broad shipper acceptance across multi-shipper voyages, according to a survey conducted by One World Shipbrokers.
