All articles tagged with #global shipping
Originally Published 3 months ago — by Reuters
The US and China are implementing reciprocal port fees on each other's vessels, escalating tensions in the ongoing trade war and potentially disrupting global maritime logistics, with China exempting Chinese-built ships and both nations aiming to weaken each other's dominance in shipping and logistics sectors.
Originally Published 1 year ago — by Yahoo! Voices
The US military announced the destruction of air defense and drone systems belonging to Yemen's Houthi forces in the Red Sea area, following reports of attacks on British, US, and Israeli ships. The Houthi attacks have disrupted global shipping through the Suez Canal, prompting the US and Britain to launch strikes on Houthi targets in Yemen. The Houthi militants claim their actions are in response to Israel's military operations in Gaza and as a show of solidarity with Palestinians.
Originally Published 1 year ago — by Yahoo Finance
Attacks on container vessels in the Red Sea by Iran-backed Houthi militants have caused significant disruptions to global trade, leading to weeks of delays and an estimated $1 million in extra costs per ship for rerouting around the area. This has prompted concerns about potential consumer price rises and supply chain disruptions, with shipping companies experiencing increased fuel and insurance costs, as well as higher freight rates. While the current crisis has impacted global shipping costs, it is not as severe as the pandemic peak, and the inflation outlook will depend on factors such as the duration of the crisis and potential escalation of the Israel-Hamas conflict.
Originally Published 1 year ago — by CNBC
Trade experts and the world's largest shipping company warn Congress about the economic impact of the Red Sea chaos caused by Houthi rebel attacks, leading to increased freight prices, vessel diversions, supply chain delays, and inflation. The attacks have disrupted global trade, with companies like Maersk and MSC altering shipping routes and experiencing vessel attacks. This has led to increased costs for businesses and consumers, impacting various industries and prompting some retailers to resort to air freight. The crisis is not just a U.S. problem, as it affects global shipping and consumer economy, with warnings that the attacks will have a greater impact than in the energy markets due to the significant portion of global container traffic traversing the Red Sea.
Originally Published 1 year ago — by gCaptain
Attacks by Iranian-backed Houthi militants in the Red Sea have disrupted shipping in the Suez Canal, impacting around 15% of global sea trade and potentially derailing plans to cut interest rates in Europe. While the disruptions have not yet significantly affected the European economy, prolonged trade disruption could lead to increased inflation and impact firms and the economy. The situation may prompt companies to consider alternative, more secure supply routes, but these options are likely to come with higher costs.
Originally Published 2 years ago — by The New York Times
Houthi militia attacks in the Red Sea have led to a significant disruption in global shipping, with hundreds of ships now circumventing the Suez Canal and sailing around Africa, resulting in increased costs and delays. The attacks, aimed at disrupting shipping links with Israel, have targeted vessels from multiple countries, leading to rising insurance premiums and potential inflation. The Red Sea and Suez Canal have become crucial for oil and natural gas shipments, and the situation has raised questions about China's stance in the region.
Originally Published 2 years ago — by The Washington Post
Houthi attacks on ships in the Red Sea are threatening Israel's economy, causing an 85% drop in shipping activity at the Port of Eilat and leading to potential furloughs. The attacks have disrupted global shipping routes, with major carriers diverting vessels and imposing surcharges on shipments to Israel. This has implications for imports from East Asia, including electric vehicles from China, and could lead to rising prices for consumers. The broader economic impacts of the Red Sea strikes could also contribute to regional tensions and pressure on Israel to wind down its war in Gaza. U.S. airstrikes against the Houthis continue, while tensions in the Middle East appear to be spreading.
Originally Published 2 years ago — by Newser
Severe drought in Panama has led to a 36% reduction in ship crossings at the Panama Canal, causing significant economic impact and concerns about the reliability of the trade route. The disruption coincides with attacks on commercial ships in the Red Sea, further impacting global trade by delaying shipments and raising transport costs. Canal authorities attribute the drought to El Niño and climate change, emphasizing the urgent need for new water sources for both the canal's operations and human consumption.
Originally Published 2 years ago — by The Washington Post
Houthi attacks on container ships and oil tankers in the Red Sea are reshaping global shipping flows, increasing costs and causing disruptions in supply chains. The attacks have led to longer alternate routes, parts shortages for manufacturers, and idling of plants. While the impact on U.S. consumer prices is currently limited, the attacks are raising concerns about wider economic costs and potential inflation. The conflict is spreading beyond the Red Sea, threatening trade routes and prompting major oil companies to halt shipments. Despite the disruptions, the impact on energy prices and the global economy remains limited for now.
Originally Published 2 years ago — by CNBC
Attacks by Yemen-based Houthis in the Red Sea have led to a spike in freight rates as shipping companies divert routes, potentially ending the global shipping recession. The disruptions could add billions to the bottom line of vessel-operating common carriers (VOCCs) like Maersk, Evergreen, and COSCO. While the higher rates may boost profitability, the industry still faces challenges such as oversupply of containers and soft shipping demand. The duration of the disruptions and involvement of multinational navies will determine the extent of the impact on freight rates.
Originally Published 2 years ago — by BBC.com
Tesla suspends production at its Berlin plant due to disruptions in the Red Sea, caused by attacks on shipping by Houthi rebels, leading to longer delivery times and supply chain gaps. The attacks have prompted shipping companies to divert vessels around the Cape of Good Hope, causing significant disruption to global trade and potential inflation of consumer goods prices. The UK government is concerned about the impact on the economy, while major shipping lines are prioritizing crew safety and avoiding the dangerous route. The situation has also led to a rise in oil prices and could have broader implications for global trade and consumer costs.
Originally Published 2 years ago — by Financial Times
Global trade is facing significant disruptions as blockages in both the Suez and Panama canals have caused delays and logistical challenges for shipping companies. The blockage in the Suez Canal, caused by a grounded container ship, has led to a backlog of vessels waiting to pass through, impacting the flow of goods between Asia and Europe. Meanwhile, the Panama Canal is experiencing water shortages due to drought, forcing restrictions on vessel drafts and potentially affecting trade routes between the Atlantic and Pacific Oceans. These disruptions highlight the vulnerability of global supply chains and the need for contingency plans to mitigate future disruptions.
Originally Published 2 years ago — by The Economist
Global shipping firms, including CMA CGM, Hapag-Lloyd, Maersk, and MSC, have suspended their services in the Red Sea due to escalating attacks by Iran-backed Houthi militants. The Red Sea route is crucial for traffic from the Suez Canal, and its closure could have significant implications for the world economy. The crisis raises concerns about the costs of trade, supply chain disruptions, and increased insurance premiums. The situation also poses risks of military escalation in the Middle East, as Western countries consider naval activity and potential attacks on the Houthis to restore free passage.
Originally Published 2 years ago — by FRANCE 24 English
Mediterranean Shipping Company (MSC) and CMA CGM have joined Maersk and Hapag-Lloyd in suspending passage through the Red Sea strait due to attacks by Yemeni Houthi rebels. The rebels, who control much of Yemen, are targeting vessels near the Bab al-Mandab strait to pressure Israel over the Gaza conflict. This move raises concerns about trade disruption, as 40% of the world's international trade passes through the strait. The tensions have also led to military responses, with the US and UK shooting down drones launched from Houthi-controlled areas.
Originally Published 2 years ago — by The Wall Street Journal
Yemen's Houthi rebels, backed by Iran, have launched attacks on commercial ships passing through the Bab el-Mandeb strait, creating a new front in the conflict between Israel and Hamas. The attacks aim to disrupt cargo flows in response to the fighting in Gaza, leading to increased costs for shippers and prompting countries to reconsider security measures for safe passage.