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Shipping giants Maersk, MSC and CMA CGM suspend bookings


Stacking containers over each other at Vladivostok’s Commercial Port, part of FESCOGroup.

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Non-essential bookings for Russia to or from the three world’s biggest container shipping lines were temporarily suspended by all three. joining a fast-growing list of companiesMoscow should be avoided due to its invasion in Ukraine.

Shipping giants include MSC in Switzerland, Denmark and MSC in Denmark. MaerskFrance’s CMA CGM, and France’s CMA CGM each announced that on Tuesday they would stop all cargo bookings to or from Russia.

This exemption exempted essential supplies such as food and medical equipment from delivery.

As Russia escalates its attack on key Ukrainian cities, it is a timely move. with fighting raging in the north, east and south of the country. United Nations estimates that 1,000,000 Ukrainian refugees have fled the country to seek refuge in neighbouring countries.

Massive corporate exodus has occurred from Moscow due to the combination of Russia’s invading Ukraine and Western sanction barrages.

MSC stated Tuesday that it would immediately impose a temporary suspension on cargo bookings for Russia. This is the largest container shipping line in the world. It covers all areas, including those of Far East Russia and Black Sea.

Maersk expressed concern over the “escalation of Ukraine’s crisis” The Copenhagen-headquartered firm had saidThis was earlier in the week.

The company announced the suspension of all non-essential delivery to Russia due to “the ever-evolving environment with new sanctions being imposed by governments against Russia”

This was done to prove that shipping giants were committed to social responsibility, and making “efforts to support society,” as it explained.

CMA CGM stated on Tuesday, however that all Russian bookings had been suspended “as of today” and “until further notice”.

Global trade is a key role for container shipping companies, which transport the majority of manufactured goods around the globe. Russia is effectively cut off by these largest container shipping companies.

Escalating Conflict and severity of the Russian sanctionsFor some time, they are likely to have an important impact on shipping.

On Wednesday, Nick Austin, shipping partner of Reed Smith said that the market was “scrambling to understand what sanctions actually mean in practice and the steps needed to comply.”

He said that owners and charterers should examine their fixtures in order to fully understand the legal rights they have under traditional “war clauses.” These provisions can come in many shapes and sizes so it is important to carefully review them.