Explainer: Fashion firms face cost spike as Red Sea crisis ‘widens' [Yahoo! Finance]
S&P Global Inc. (SPGI)
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Source: Yahoo! Finance
In its update, Maersk said it is rerouting around the Cape of Good Hope “for the foreseeable future.” It added “the risk zone has expanded, and attacks are reaching further offshore. This has forced our vessels to lengthen their journey further, resulting in additional time and costs to get your cargo to its destination for the time being.” Maersk explained the situation is creating bottlenecks and vessel bunching, as well as delays and equipment and capacity shortages. “We estimate an industry-wide capacity loss of 15-20% on the Far East to North Europe and Mediterranean market during Q2.” Global apparel sector remains on red alert Though the Red Sea disruption will impact several industries, European apparel brands and retailers reliant on Asia for supply are expected to be hit particularly badly. According to S&P Global Market Intelligence, shipments from Asia by sea that may need to use the Suez or Panama Canals accounted for 51.0% of EU imports of apparel and footwea
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SPGI
Earnings
- 4/26/24 - Miss
SPGI
Sec Filings
- 5/17/24 - Form 4
- 5/15/24 - Form 144
- 5/6/24 - Form 8-K
- SPGI's page on the SEC website