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Redseacrisis

All articles tagged with #redseacrisis

world-news-economy2 years ago

"Red Sea Turmoil Escalates as Shipping Costs Surge Amid Persistent Attacks"

Yemeni Houthi rebels' attacks on merchant ships in the Red Sea have led to a significant disruption in world trade, with shipping costs soaring by 170% as major lines reroute around South Africa to avoid the Gulf of Aden. This shift has caused freight rates to nearly triple and has resulted in a 25% reduction in commercial traffic through the Suez Canal, impacting global economic stability and threatening further inflationary pressures. Despite the challenges, experts believe the inflationary impact will be limited if the disruption is short-lived.

via EL PAÍS USA|
##houthiattacks#redseacrisis
business-maritime-industry2 years ago

"Red Sea Dilemma: Shipping Industry Faces Risks and Rising Costs Amid Persistent Attacks"

The Shanghai Containerized Freight Index (SCFI) has seen a significant increase due to the diversion of a large portion of the liner fleet around the conflict-affected Red Sea, avoiding areas near Yemen where the Houthis have targeted merchant shipping. This diversion has led to a tighter market balance, with spot rates climbing and analysts expecting high rates to persist for several weeks. Major financial institutions like Jefferies have upgraded their outlook for liner companies, anticipating sustained positive margins into 2024. The situation has been exacerbated by recent Houthi attacks using unmanned explosive-laden vessels, prompting international warnings of consequences if such attacks continue.

via Splash 247|
##business-maritime-industry#containershipping
news-summary2 years ago

"Netanyahu Faces Judicial Setbacks and Political Turmoil Amidst Unfolding Crises"

Tensions escalate in the Middle East as Houthi rebels seize a cargo ship in the Red Sea, raising concerns of a broader conflict involving the U.S. Meanwhile, former President Trump seeks to remain on the Colorado ballot through a Supreme Court appeal. Unsealed documents offer a glimpse into Jeffrey Epstein's wrongdoings but reveal little new information. Despite a resurgence of COVID-19, experts believe the threat posed by the virus is lessening. In lighter news, a 13-year-old boy makes history by reportedly being the first to 'beat' Tetris.

via The New York Times|
##covidresurgence#epsteinfiles
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

"US and Allies Threaten Action Against Houthis to Safeguard Red Sea Maritime Route"

The United States and a coalition of international allies have issued a warning to Houthi militants, threatening unspecified consequences if their disruptive actions in the Red Sea continue. The Houthis have been targeting shipping routes, particularly the Bab-el-Mandeb Strait, with drone strikes, missile attacks, and hijackings, claiming to target vessels linked to Israel. These actions have been condemned as illegal and destabilizing to global trade and maritime security. The U.S. Navy has already responded by destroying Houthi boats that attempted to board a commercial vessel. The allied nations demand an immediate cessation of attacks and the release of detained vessels and crews, holding the Houthis responsible for any further threats to lives and commerce.

via POLITICO Europe|
##houthimilitants#international-relations