All articles tagged with #businessworld news
Despite increased attacks by Iran-backed Houthi rebels, tanker traffic through the Red Sea and Suez Canal remains steady, with freight rates on some routes experiencing a significant rise. Some operators, like BP and Equinor, have rerouted their ships to avoid the area, while others are selectively sending vessels through these "red hot" zones, leading to a surge in tanker rates due to the perceived risks.
Maersk, a leading shipping company, has indefinitely suspended its operations in the Red Sea following attacks by Houthi rebels. Despite a previous 48-hour pause and intentions to resume transit after a U.S.-led naval operation began, the continued threat has led Maersk to halt Red Sea transits and reroute ships around the Cape of Good Hope, which may increase costs and cause delays for customers. The company remains focused on minimizing supply chain disruptions for its customers.
China has marked a significant milestone in its maritime industry with the maiden voyage of its first domestically built cruise ship from Shanghai. This event underscores China's growing capabilities in shipbuilding and its ambition to become a key player in the global cruise market.