Researchers have identified the disruption of trade routes during the Roman-Persian War as a key factor in the Roman Empire's collapse, challenging previous theories that blamed climate change and the Justinianic plague. The study analyzed shipwrecks and pottery, revealing that the Roman economy was thriving until trade routes were cut off, leading to economic instability and migration. This new perspective suggests that military and economic factors, rather than environmental or health crises, were pivotal in the empire's decline.
The German navy frigate "Hessen" has set sail to join a planned EU mission to protect ships from Houthi attacks in the Red Sea, as the rebels have targeted merchant ships in support of Palestinians amid Israel's conflict with Hamas. The EU mission, dubbed Operation Aspides, aims to deploy warships and airborne early warning systems to safeguard cargo ships in the vital trade route. The US and UK have also conducted airstrikes against Houthi targets, with the Red Sea and Suez Canal serving as crucial passages for global trade.
Analysis of trade data suggests that the supply chain inflation caused by the Red Sea crisis may have peaked on key global trade routes, with rates on ocean routes from Asia to Europe and the Mediterranean beginning to decline, while U.S.-bound trade prices are still climbing. The slight decrease in rates is attributed to negotiations between shippers and ocean carriers, with some shippers managing to agree to lower rates. However, concerns about potential congestion and increased dwell times at ports and rail-bound container facilities are emerging, with experts warning of potential ripple effects on West Coast ports after Lunar New Year.
Escalating tensions in the Red Sea, due to attacks by Iranian-backed Houthis, have disrupted the crucial trade route for ships moving from Asia to Europe, significantly increasing shipping costs and causing delays for Indian exports such as Basmati rice, tea, spices, and buffalo meat. The crisis could cost India more than $30bn in exports for the fiscal year ending March, impacting about 6.8 percent of its annual exports. The chaos has also led to concerns about supply-chain disruptions, higher consumer costs, and delayed shipments of imports like sunflower oil and fertilizers, posing a risk to India's trade and food security.
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.
A severe drought in Panama has led to a 36% reduction in ship crossings through the Panama Canal, potentially costing between $500 million and $700 million in 2024. The drought has caused chaos in the important trade route, raising concerns about its impact on global trade and prompting calls for more efficient water management and new water sources. The disruption comes at a time when attacks on commercial ships in the Red Sea have already rerouted vessels, further affecting global trade.
Ukraine's Navy has announced temporary routes for ships to navigate the Black Sea, which have been effectively blockaded by Russia since last month. The initiative aims to allow ships to exit three deep-sea Ukrainian ports, despite Russia's threats and the perceived risks. Shipowners and insurers have been cautious due to the dangerous conditions, but some vessels may be willing to use the routes. Ukraine seeks to reopen trade routes despite the Kremlin's opposition, with the hope that trade will restart once stuck ships safely sail through the corridors.
Enigmatic ivory rings found in Anglo-Saxon burials in England have been identified as originating from African elephants living about 4,000 miles away, suggesting a trading network that spanned from eastern Africa to post-Roman Europe. The rings, too large to fit a finger, were likely used to hold open cloth bags tied to the waist. The discovery sheds light on the extensive and complex trading networks of the fifth to seventh centuries and provides insight into the status and cultural practices of wealthy Anglo-Saxon women.
Two Ming-era shipwrecks have been discovered in the South China Sea, one overflowing with porcelain goods and the other containing stacks of logs and pottery. The discovery marks the first time ancient ships sailing and returning have been found in the same area, indicating that they were likely on an important trade route. Experts hope to learn more about ancient maritime trade routes and cultural exchanges through further research and monitoring of the wrecks.
Western embargoes on seaborne imports of Russian crude and refined products have disrupted traditional oil shipping routes, leading to inefficient trade patterns and higher shipping costs for petroleum products. The EU ban on Russian petroleum products has resulted in Russia diverting its oil product cargoes to North Africa and Asia, while Europe has increased imports from the Middle East, Asia, and North America. This has boosted demand for tankers hauling petroleum products, with orders for fuel tankers soaring to the highest in a decade. The changes in clean petroleum product trade flows out of Russia have exacerbated tightness in the global market, with vessel requirements in the medium-range segment increasing and fleet growth staying limited for at least the next two years.
