Red Sea Cape routing persists, absorbing newbuilding capacity

Summary

Most major container carriers continued routing vessels around the Cape of Good Hope in mid-July, with Red Sea diversions still absorbing much of the newbuilding capacity entering the market and keeping effective capacity tighter than fleet totals suggest. Drewry's WCI held near $4,547 per 40ft on July 16 as carriers managed space via blank sailings rather than aggressive cancellations.