{"id":931,"date":"2022-02-16T12:37:22","date_gmt":"2022-02-16T12:37:22","guid":{"rendered":"https:\/\/phoenixglobalgroup.com\/mi-katigoriopoiimeno\/conflict-in-ukraine-could-adversely-affect-container-supply-chains\/"},"modified":"2024-02-27T09:52:12","modified_gmt":"2024-02-27T09:52:12","slug":"conflict-in-ukraine-could-adversely-affect-container-supply-chains","status":"publish","type":"post","link":"https:\/\/phoenixglobalgroup.com\/el\/nea\/conflict-in-ukraine-could-adversely-affect-container-supply-chains\/","title":{"rendered":"Conflict in Ukraine Could Adversely Affect Container Supply Chains"},"content":{"rendered":"
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By\u00a0Gavin van Marle<\/a>, 15\/02\/2022<\/p>\n

Although container shipping in and out of the Black Sea remains a relatively niche trade, a Russian invasion of Ukraine could have catastrophic consequences for global container supply chains.<\/p>\n

At the Freightwaves Global Supply Chain conference yesterday, Vespucci Maritime CEO Lars Jensen warned that the ripple effects from a military confrontation would likely spread far beyond the region to hit world trade.<\/p>\n

\u201cIf the situation escalates and Russia invades Ukraine, we are almost certain to see sanctions applied to Russia, and I would expect Russia to retaliate with cyber-attacks.<\/p>\n

\u201cOver the past two weeks, we have seen a number of warnings from the US and UK that the danger of cyber-attacks has increased, so there\u2019s a very real risk that infrastructure will be targeted,\u201d Mr Jensen said.<\/p>\n

He drew a comparison with the 2017 NotPetya cyber-attack on Ukraine, which is\u00a0widely assumed<\/a>\u00a0to have been carried out by Kremlin-sponsored hackers, which also crippled the systems of Maersk and FedEx\u2019s European subsidiary TNT.<\/p>\n

The Danish carrier subsequently revealed the attack cost it around $300m.<\/p>\n

\u201cIt wasn\u2019t a direct attack on Maersk, Maersk was simply one of the many thousands of companies that suffered as collateral damage,\u201d said Mr Jensen.\u00a0\u201cHowever, it took out
\nMaersk\u2019s systems for about two weeks \u2013 so in 2017 the world\u2019s largest carrier was effectively taken out of trading.<\/p>\n

\u201cBut it did not have a real effect on supply chains at that time, because there was plenty of buffer capacity in the global system to replace it.\u00a0However, currently there is zero buffer capacity in container shipping, so a similar cyber-attack could have a devastating effect on global supply chains,\u201d he added.<\/p>\n

However, while many analysts have warned of the effects war in the Black Sea could have on oil prices, Mr Jensen suggested this would be unlikely to have a significant effect on container freight rates.<\/p>\n

\u201cWe are in the unusual situation where no shipper really cares about oil prices because freight rates are so high.<\/p>\n

\u201cIn the past, if carriers had to suddenly apply a $200 BAF increase due to surging oil prices, it would have caused an outcry, but today that sort of increase means nothing,\u201d he explained.<\/p>\n

Source: The Loadstar:\u00a0Why war in Ukraine could be catastrophic for container shipping – The Loadstar<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By\u00a0Gavin van Marle, 15\/02\/2022 Although container shipping in and out of the Black Sea remains a [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[28],"class_list":["post-931","post","type-post","status-publish","format-standard","hentry","category-nea","tag-2022-el"],"yoast_head":"\nConflict in Ukraine Could Adversely Affect Container Supply Chains - PHOENIX GLOBAL FREIGHT GROUP S.A. - Since 1991<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/phoenixglobalgroup.com\/el\/nea\/conflict-in-ukraine-could-adversely-affect-container-supply-chains\/\" \/>\n<meta property=\"og:locale\" content=\"el_GR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conflict in Ukraine Could Adversely Affect Container Supply Chains - 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