Chemical group Brenntag faces delayed shipments from Red Sea attacks [Reuters]
BRENNTAG SE UNSP/ADR (BNTGY)
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Source: Reuters
March 7 (Reuters) - German chemicals distributor Brenntag (BNRGn.DE) , opens new tab said attacks on shipping in the Red Sea have led to delays and to increased costs that it has passed to its customers. The Red Sea crisis led to travelling times of an extra two-to-three weeks for the company's containers out of Asia-Pacific and caused freight costs to more than double, but the group said it had been able to adapt its global supply chains without giving further detail. Brenntag also raised its dividend for 2023 to 2.10 euros per share from 2.00 euros and said there were hints of recovery. In a media call, CEO Christian Kohlpaintner said he saw "encouraging signs" in the first two months of the year for increased demand in Europe, drawing a less negative picture than other chemical groups such as Covestro (1COV.DE) , opens new tab Subdued demand for chemical products has led customers to reduce inventories, reducing companies' profits. The Essen-based group expects earning
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