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Shipping Companies

All articles tagged with #shipping companies

global-trade2 years ago

Rising Concerns: Houthi Attacks in Red Sea Threaten Global Trade and Security

The exodus of shipping companies from the Red Sea due to attacks by Yemen's Houthi militants is causing disruptions in global trade, with major shippers rerouting their vessels to avoid the area. This has led to significant price increases in some ports in Germany and a surge in freight rates. Greece has also advised its shippers to avoid the Red Sea, further impacting global trade routes. The situation is expected to result in higher costs for energy supplies, palm oil, and grains, which will eventually be passed on to consumers. The duration of the disruption and the involvement of naval forces in securing the Red Sea remain uncertain.

via Fox Business|
#container-scarcity#global-trade#global-trade-disruptions
international-affairs2 years ago

Global Shipping Operations Disrupted as Yemen's Houthi Rebels Threaten Red Sea

Several major shipping companies, including the Mediterranean Shipping Company (MSC), Maersk, Hapag-Lloyd, and CMA CGM, have suspended operations in the Red Sea due to escalating attacks by Yemen's Houthi rebels. The rebels have targeted foreign-owned vessels with drones and missiles, raising concerns about disruptions to global supply chains. Western governments, including the US and UK, have taken action to counter the attacks, with warships intercepting Houthi drones and missiles. The ongoing attacks have led to increased insurance costs for ships passing through the Red Sea, potentially causing delays in the shipment of oil, grain, and consumer goods.

via Business Insider|
#global-supply-chains#houthi-rebels#international-affairs
international-affairs2 years ago

Shipping Giants Halt Red Sea Routes Amid Houthi Attacks

Major shipping companies, including Maersk, MSC, and CMA CGM, have suspended journeys through the Red Sea due to a series of attacks by Yemen's Houthi movement. The attacks, which have targeted commercial vessels in the southern Red Sea, pose a significant threat to the safety and security of seafarers. The strategic importance of the Bab-el-Mandeb strait, through which much of the world's oil is shipped, has prompted these shipping companies to pause their operations until further notice. The Houthi movement has claimed responsibility for the attacks and has warned international shipping companies against dealing with Israeli ports.

via Fox Business|
#bab-el-mandeb-strait#houthi-attacks#international-affairs
business2 years ago

"Shipping companies pay premiums to bypass drought-stricken Panama Canal"

Shipping companies are offering millions of dollars to bypass the long lines caused by an unprecedented drought at the Panama Canal, which is experiencing its lowest water levels since the mid-1900s. The severe reduction in transit capacity has resulted in significant delays and losses for businesses, affecting the trade of energy, consumer goods, and food. Some companies are opting to pay exorbitant amounts to jump the queue, creating competition among vessels. The situation may worsen with the onset of the dry season and El Niño, and any improvement is not expected until next summer during Panama's rainy season.

via Fox Weather |
#business#competition#delays
international-affairs2 years ago

"US Treasury's Intensifying Hunt for Russian Oil Sanction Violators at Sea"

The U.S. Treasury Department's Office of Foreign Assets Control has sanctioned three vessels and shipping companies for violating Russian oil sanctions, as part of its intensified efforts to cut off the Kremlin's access to oil profits. However, the hunt for violators is revealing complexities in the maritime industry and the Treasury's own guidelines. The location of shipping companies may differ from the location of the beneficial owner, and there are grey areas in the guidelines that can be exploited to circumvent sanctions. The Treasury's probe of approximately 30 ship management companies suspected of violating a price cap on Russian oil further highlights the challenges in identifying and proving violations. The murkiness within the Russian oil trade, including the use of dark and grey fleet vessels, makes tracking and enforcing sanctions difficult.

via CNBC|
#compliance#international-affairs#maritime-industry