January 5, 2024

Dear Valued Customers,

In our continued effort to provide up-to-date information at the highest level, we have an important update regarding the ongoing situation in the Red Sea.

Following the continued attacks on vessels in transit via the Red Sea, ocean carriers have adjusted their rates accordingly. Carriers still transiting the area near the Bab al-Mandeb and the Red Sea have implemented security fees due to the increased risk of operating in the region. Carriers avoiding the Red Sea have also increased their rates due to the dramatically longer transit times required to navigate around the tip of South Africa.

The situation remains fluid as carriers make week-to-week (even day-to-day) decisions on how to route vessels based on daily events. An international naval presence in the Red Sea under Operation Prosperity Guardian provides escort services to vessels. However, continued attacks on vessels have still deterred carriers from resuming regional operations.

Our commitment to providing you with the best possible service remains unwavering. We continue to offer clients options to suit their needs. We will continue to offer options to Red Sea locations such as Jeddah with whatever vessel services remain to the region – however limited they may be.

We understand that this may raise questions. Our team is prepared to answer any questions regarding the current situation. We maintain daily contact with all carriers and our local customer service teams in the region to ensure we remain abreast of the situation.

As always, we remain committed to providing our customers with the same excellent service you expect and depend on from Compass.

Please contact your account manager for clarification if you have any specific concerns or inquiries.

We appreciate your understanding and continued trust in our services.