The world's largest shipping companies suspend bookings to and from Russia

Worlds largest shipping companies suspend bookings to and from Russia

March 4, 2022: -The world’s three most extensive container shipping lines have temporarily suspended non-essential bookings to and from Russia, joining a fast-growing list of companies to shun Moscow over its invasion of Ukraine.

On Tuesday, Shipping giants, including Switzerland-based MSC, Denmark’s Maersk, and France’s CMA CGM, all announced that they would halt cargo bookings to and from Russia until further notice.

The move exempted deliveries of essential supplies, like food, medical equipment, and humanitarian goods.

It is coming as Russia intensifies its onslaught of key Ukrainian cities, with fighting raging in the country’s north, east, and south. The United Nations says 1 million refugees from Ukraine have fled to neighboring countries.

The Russian confluence invasion of Ukraine and the barrage of punitive Western sanctions has triggered a mass corporate exodus from Moscow.

On Tuesday, MSC said that it was enforcing a temporary stoppage on all cargo bookings to and from Russia with immediate effect. The world’s most extensive shipping container line said this covers the Baltics, Black Sea, and Far East Russia.

Maersk said it was “deeply concerned by how the crisis keeps escalating in Ukraine.” The Copenhagen-headquartered firm had said in the week that it was considering the suspension of all non-essential bookings to and from Russia.

“The ever-evolving situation with governments that poses new sanctions against Russia and the regular adjustments being made to the list of restrictions” then prompts the company to announce the suspension of non-essential deliveries to and from Russia.

It explained the exception of essential deliveries was showing that the shipping giant was focusing on social responsibility and “which makes the efforts to support society.”

On Tuesday, meanwhile, CMA CGM said that in the interest of safety, it had decided to suspend all bookings to and from Russia “as of today and until further notice.”

Container shipping companies play a pivotal role in global trade, which carries the bulk of the world’s manufactured goods. These steps taken by the world’s most significant container shipping lines effectively cut Russia off from a large chunk of the shipping capacity of the world.

The escalating conflict and severity of the Russian sanctions are expected to impact the shipping industry for some time significantly.

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World's largest shipping companies suspend bookings to and from Russia
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World's largest shipping companies suspend bookings to and from Russia
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The world’s three most extensive container shipping lines have temporarily suspended non-essential bookings to and from Russia
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The Women Leaders
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