Inside faceless office buildings scattered around London, a niche corner of the insurance market is keeping hundreds of billions of dollars in commodity trade moving through some of the world’s most dangerous waters.
https://gcaptain.com/the-wartime-risk-insurers-making-fortunes-keeping-trade-moving/
CAIRO, Dec 28 (Reuters) – Egypt said on Saturday it had successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the…
https://gcaptain.com/egypt-completes-trial-run-of-new-suez-canal-channel-extension/
Red Sea disruptions — a consequence of Houthi maritime attacks — have cost Egypt at least $7 billion in Suez Canal revenue this year, the country’s presidency said in a statement Thursday.
https://gcaptain.com/red-sea-diversions-cost-egypt-7-billion-in-lost-canal-revenue/
At least one major container carrier has continued to operate in the Red Sea despite a monthslong campaign of violent attacks on the key global shipping route that has forced other lines to divert around Africa.
French carrier CMA CGM has continued to operate a number of services through the Suez Canal with calls at Jeddah in Saudi Arabia, as well as south to the Gulf of Aden and destinations farther east including China.
Liner companies operating between Asia, the Mediterranean and the east...
https://www.freightwaves.com/news/lone-container-line-undeterred-by-red-sea-attacks
The strategic importance of the Suez Canal as a global maritime artery has come into sharp focus following recent revelations by Egyptian President Abdel Fateh El Sisi about a significant revenue downturn.
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The global shipping industry is grappling with a formidable set of disruptions that have transformed maritime choke points into critical bottlenecks.
Container News has compiled data from three different reports, covering the period from February to June 2024, to shed light on the ongoing upheaval in the Red Sea and Suez Canal. The following analysis includes insights from UNCTAD, BIMCO and the Congressional Research Service of the United States.
https://container-news.com/from-choke-points-to-bottlenecks-red-sea-crisis-analysis/
The disruptions are straining supply chains, driving up costs, and reshaping global trade patterns, with vulnerable economies hit hardest, according to the latest UNCTAD analysis.
Global trade is facing significant disruptions as two of the world’s most vital maritime chokepoints – the Suez Canal and the Panama Canal – experience severe challenges driven by geopolitical tensions and climate-related risks.
In addition to straining global supply chains and undermining economic growth, these...
Yachting World is reporting that while missiles rain down on oil tanekrs and major shipping companies divert billions in cargo away from the Bab-el-Mandeb Strait, a handful of brave, or…
https://gcaptain.com/sail-through-a-war-zone-yachts-red-sea/
Maersk has warned that the reopening of the Suez Canal could cause a meltdown as schedules falter, but this would likely be a temporary effect, with ships heading around the Cape meeting vessels in Europe that had transited the canal.
Scheduling challenges will occur, but more serious are the effects of the oversupply of capacity that shipping lines have seemingly failed to address.
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https://container-news.com/newbuilding-frenzy-effects-greater-than-suez-canal-restoration/
Disruptions in the Red Sea contributed to declines in the connectivity of Eastern Mediterranean ports, a region highly affected by the Houthis attacks, as the Suez Canal and Bab el-Mandeb straights are connected to the maritime routes crossing some major ports in the region.
The analysis took into consideration the ports of Piraeus, Limassol, Ashdod, Mersin, Port Said, Alexandria and Mersin, and concentrated on the summer months of 2024.
The analysis revealed the below-mentioned conclusions:
Contai...
https://container-news.com/eastern-mediterranean-ports-face-challenges-due-to-red-sea-disruptions/