Crisis in Red Sea Risks Port Overcrowding & May Drive Shipping Costs
HSBC Global Research has issued a caution regarding the potential implications of the current crisis in the Red Sea on maritime logistics.
Middle East
Container Shipping Costs Escalate Due to Security in Red Sea
In recent developments the shipping industry is witnessing a hike in short-term rates for container transport across Asia, Europe, and the USA.
Red Sea Under Attack: Containership Witnesses Explosions
Ambrey, a maritime security company in the UK revealed container ship flying the Malta flag observed 3 explosions in the direction of its port quarter
Ship Owners Still Skeptical as Pentagon Affirms Red Sea Safety
Shipping companies are being reassured by the US that their multinational taskforce is making voyages through the Suez Canal and Red Sea safer.
Red Sea Route Changes: Higher Costs, More Delays
Major suppliers for global retailers such as IKEA & Amazon are adjusting shipping routes, marking the most significant disruption since COVID
Greek Shipping Advised to Avoid Red Sea Following Attacks
Commercial vessels currently voyaging the Red Sea and the Gulf of Aden have been advised by Greece to avoid Yemeni waters following attacks.
London Insurers Extend Red Sea High-Risk Zone in Response to Threat
London's marine insurance market expanded its designation of high-risk areas in the Red Sea following an increase in attacks on commercial ships.
US Maritime Protection Mission in Red Sea Joined by 9 Nations
The U.S Secretary of Defense has announced the launch of a coalition of those countries that are willing to protect maritime trade in the Red Sea
Naval Escort Operation in the Red Sea Led by US
Due to attacks on merchant shipping by Iranian-backed Houthis in the waters surrounding Yemen in recent weeks trade between Europe & Asia has slowed
Egypt: 55 Vessel Diversions Since Nov Amid Growing Strains
The Suez Canal Authority of Egypt disclosed that they are vigilantly observing the repercussions of escalating tensions in the Red Sea.
FPSO Atlanta: Yinson's Fleet Addition Poised for 2024 Launch
In a grand event at Dubai Drydocks World on December 13, 2023, Yinson Production warmly welcomed the latest jewel in its crown, the FPSO Atlanta.
Russia Has a New Oil Trade Route
In light of impending Western sanctions against Moscow, Russia appears to have discovered a new method of selling oil: El Hamra oil port, Egypt.
Iranian Tanker to Recover US-Confiscated Oil Cargo
Iranian-flagged ship moored off Piraeus is anticipated to return to Iran this week with a portion of its cargo that the USA had taken away.
Israel Sells Haifa Port for $1.2 Billion
Israel sells major trade hub on the Mediterranean coast Haifa Port. India’s Adani Ports & Gadot win bid for 4.1 billion shekels ($1.18 billion).
Families of Beirut Port Victims File Lawsuit in US
Family of the victims of Lebanon’s 2020 port blast filed a $250m lawsuit in Texas against a US firm for its suspected links to the tragedy.