July 18 (Reuters) – The Suez Canal‘s annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by Iran-aligned Houthis in the…
https://gcaptain.com/suez-canal-revenue-drops-as-some-shippers-shun-red-sea/
BERLIN, June 11 (Reuters) – German shipping company Hapag-Lloyd does not anticipate the shipping industry to resume sailing through the Suez Canal anytime soon, even if a ceasefire between Hamas and Israel was reached…
https://gcaptain.com/hapag-lloyd-sees-prolonged-red-sea-reroutings-regardless-of-ceasefire/
UAE-based port operator the AD Ports Group, Egyptian container shipping line Transmar, and Cairo-based Orascom Construction have entered into a memorandum of understanding (MOU) for the development of a green methanol storage, export, and bunkering facility in the Suez Canal area. The AD Ports...
By Brendan Murray Jun 2, 2024 (Bloomberg) –Never has it been so cheap to inflict a world of economic pain. That stark point was underscored last week by Maximilian Hess, a…
https://gcaptain.com/ships-diverted-from-red-sea-send-ripple-effects-across-the-globe/
FRANKFURT, May 15 (Reuters) – German container firm Hapag-Lloyd on Wednesday raised the lower end of its 2024 outlook amid rising demand and freight rates, but posted an 84% drop in first-quarter net…
https://gcaptain.com/hapag-lloyd-raises-lower-end-of-outlook-on-strong-shipping-demand/
After almost four months on station in the Red Sea, USS Dwight D. Eisenhower (CVN-69) and USS Gravely (DDG-107) transited the Suez Canal on...
https://news.usni.org/2024/04/26/carrier-uss-dwight-d-eisenhower-now-in-the-mediterranean-sea
After a period with few reports of Houthi activity, the Iranian-backed group has resumed its targeting of merchant shipping, with Al Arabiya and other regional news outlets quoting the Houthi’s military spokesman as saying the group had attacked the “U.S. ship Maersk Yorktown and an American destroyer in the Gulf of Aden and Israeli ship MSC Veracruz in the Indian Ocean.”
According to U.S. Central Command: “At 11:51 a.m. (Sanaa time) on April 24, a coalition vessel successfully engaged one...
Russian warships entered the Red Sea last Thursday, for what the Russian Pacific Fleet’s press service has stated was the performance of “assigned tasks within the framework of the long-range sea campaign.” This intentional vagueness has invited no small amount of speculation as to the ships’ true objectives.
Theories range from retaliatory pressure on Israel, which decided in late February to co-sponsor a United Nations resolution condemning Russia’s invasion of Ukraine, to supporting...
https://www.freightwaves.com/news/red-sea-crisis-nears-boiling-point-unable-to-heat-up-spot-rates
Companies across the globe have been impacted by a myriad of major supply chain disruptions. This is especially true for companies navigating the lingering Suez Canal and Panama Canal issues.
Shippers that have historically utilized the Suez Canal have had to extend their routes, bypassing the canal and sailing around the Cape of Good Hope in order to avoid getting caught in attacks due to unrest in the Middle East. This shift has added significant time to the average voyage.
“Approximately 14...
The Yemeni Houthi rebels’ continued attacks on shipping in the Red Sea serve as a reminder that global supply chains remain highly vulnerable to disruption. Moreover, it highlights how food insecurity can simultaneously be an effect and cause of conflict. To address this, the international...