Maersk schedules dozens of vessels to travel via Suez Canal

Denmark’s Maersk (MAERSKb.CO) has scheduled several dozen container vessels to travel via the Suez Canal and the Red Sea in the coming days and weeks, it said on Wednesday, in a further sign that global shipping firms are returning to the route. The world’s top shipping companies, including container giants Maersk and Hapag-Lloyd (HLAG.DE), stopped using Red Sea routes after Yemen’s Houthi militant group began targeting vessels earlier this month, disrupting global trade. Maersk’s share price fell 5% by 1330 GMT on Wednesday, partly reversing last week’s gains, as a return to the shorter routes through the Suez Canal from voyages around Africa might prompt a freight rates correction. Other shipping stocks also fell, including Hapag-Lloyd which dropped 6%, oil tanker group Frontline (FRO.OL) which was down 5.3% and car shipping service Hoegh Autoliners (HAUTO.OL) which was 3% lower. Maersk said on Dec. 24 it was preparing a return to the Red Sea for both eastbound and westbound journeys, citing the deployment of a U.S.-led military operation to protect vessels against Houthi attacks, but provided few details. The schedule remains subject to change based on specific contingency plans that may be formed over the coming days, the company said on Wednesday.