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Globaltrade

All articles tagged with #globaltrade

world-news-conflict-and-security2 years ago

"Escalating Houthi Assaults in the Red Sea: Implications and International Response"

Houthi rebels in Yemen have escalated their attacks on commercial shipping in the Red Sea, posing a significant threat to the vital trade route through the Suez Canal and increasing tensions in the region. Despite the presence of a US-led coalition, the Houthis, with Iranian support, continue to challenge maritime security, leading to disruptions in global shipping and higher costs for companies. The US and its partners face limited options to effectively deter these attacks without risking broader conflict with Iran. The situation underscores the vulnerability of international trade to regional conflicts and the challenges of maintaining security in key maritime corridors.

via Vox.com|
##globaltrade#houthiattacks
business-and-economy2 years ago

"U.S. Claims Global Lead in LNG Exports for 2023"

In 2023, the United States became the world's leading exporter of liquefied natural gas (LNG), setting monthly and annual records in December. This surge was primarily due to the Freeport LNG facility's return to full service and the full-year output of Venture Global LNG’s Calcasieu Pass facility. U.S. exports increased by 14.7% to 88.9 million metric tons, overtaking Qatar and Australia. Europe was the largest recipient of U.S. LNG, followed by Asia and Latin America. The increase in exports aligns with higher natural gas flows to U.S. LNG export plants, indicating a robust growth in the country's LNG production and export capacity.

via Fox Business|
##business-and-economy#energy
business-and-economy2 years ago

"Red Sea Tensions Trigger Surge in Shipping and Air Cargo Rates"

Ocean freight rates have surged after a missile attack and attempted hijacking by Yemen-based Houthi militants on a Maersk ship in the Red Sea, leading to a suspension of transits through this crucial route to the Suez Canal. The attacks have caused shipping reroutes around Africa's Cape of Good Hope, significantly increasing transit times and costs, although rates remain below the pandemic peaks of 2021. The Suez Canal is a major trade artery, and the disruptions are affecting global shipping, with Asia-to-Europe and Asia-to-North America rates experiencing substantial hikes.

via Reuters.com|
##business-and-economy#globaltrade
economy-and-business2 years ago

"Red Sea Unrest Triggers Global Shipping Disruptions and Economic Concerns"

Attacks on ships in the Red Sea by Iran-backed Houthi militants have led to significant diversions in global trade routes, causing ocean freight rates to soar and raising concerns about inflation and delays in the delivery of goods. To avoid the conflict zone, carriers have rerouted more than $200 billion in trade, leading to longer shipping times and higher costs. Freight rates from Asia to Europe and the Mediterranean have more than doubled, and the U.S. and other nations have issued warnings about the consequences of continued threats to shipping. The disruptions may lead to a return of supply chain pressures that contributed to inflation in 2022, and central banks may have to 'look through' the inflation these issues cause. The crisis has also led to increased use of West Coast ports and land-freight services in the U.S., potentially benefiting railroad and trucking companies.

via CNBC|
##economy-and-business#globaltrade
international-relations2 years ago

"Global Coalition Takes Stand Against Houthi Threats to Red Sea Trade Routes"

Twelve nations, including the United States, Australia, and the United Kingdom, have issued a joint statement condemning the Houthi attacks on commercial vessels in the Red Sea, emphasizing the illegality and destabilizing effects of such actions. The statement highlights the critical importance of the Red Sea for global trade, noting that a significant portion of the world's seaborne trade, including essential commodities like grain and oil, passes through this waterway. The countries call for an immediate end to these attacks and the release of detained vessels and crews, warning of the consequences for continued aggression and reaffirming their commitment to the international rules-based order.

via The White House|
##globaltrade#houthiattacks
business-and-finance2 years ago

"Red Sea Tensions Escalate Shipping Costs, Threatening Global Trade Stability"

Maersk's shares surged after the company decided to extend its pause on Red Sea travel, which has led to a rise in freight rates due to rerouting ships and a shortage of vessel space. The decision was made due to safety concerns amid attacks by Yemen's Houthi militants, causing ships to take longer routes and avoid the Suez Canal. This has resulted in increased transit times and freight rates, which could potentially affect consumer prices. Goldman Sachs upgraded Maersk's rating, and analysts predict a positive impact on annual contract rates, though not to the extent of the supply chain disruption seen during the Covid-19 pandemic.

via CNBC|
##business-and-finance#freightrates
business-and-economy2 years ago

"Maersk Ceases Red Sea Shipments Indefinitely Following Houthi Attacks and U.S. Military Response"

Maersk, a leading global shipping company, has halted its shipping operations through the Red Sea and Suez Canal indefinitely due to security concerns after an attack on one of its vessels by Houthi rebels. This suspension affects a critical maritime trade route, which could disrupt the global economy by increasing freight costs and delivery times. Other major shipping firms have also stopped using the route, and some vessels are being rerouted around the Cape of Good Hope, leading to longer transit times. The situation has led to a rise in shipping rates and shares of shipping companies like Maersk and Hapag-Lloyd.

via CNN|
##business-and-economy#globaltrade
world-news2 years ago

"Iranian Naval Maneuvers in Red Sea Escalate Tensions and Threaten Oil Trade Stability"

Iran has sent the naval frigate Alborz to the Red Sea, escalating tensions in a region already troubled by attacks on maritime traffic by Tehran-backed militants. The U.S.-led coalition, including the UK and Denmark, is policing the area under Operation Prosperity Guardian. Houthi rebels have targeted commercial vessels, prompting the U.S. Navy to intervene and shipping companies like Maersk to reroute their vessels. The situation has raised concerns over global trade and oil prices, with potential military responses from Western nations on the table.

via POLITICO Europe|
##globaltrade#houthirebels