3/3/2024 0 Comments Post haste express![]() The cost of such cover has increased almost tenfold since the attacks first began. That expansion will mean the amount of time that ships need cover against war risks will increase. The Joint War Committee on Monday expanded the portion of the Red Sea that it considers to be part of the world’s riskiest waters. There were no injuries and the vessel is sailing using its “own machinery with all systems operational,” Rieber & Son said. The tanker was transporting a biofuel feedstock to La Reunion from mainland France when it came under attack. “There is no Israeli link in the ownership (Norwegian), technical management (Singapore) of the vessel nor in any parts of the logistical chain for the cargo transported,” Rieber & Son said in a statement on its website. Those links have appeared increasingly tenuous in the past week or so, and the owner of the tanker attacked on Monday, the Swan Atlantic, said there was no connection. The Iran-backed Houthis say they are targeting any vessels with a connection to Israel as a response to the country’s war with Hamas. ![]() “It has been escalating beyond what we have seen at any point in time really,” Lars Barstad, chief executive of the management unit of tanker owner Frontline Ltd., said in an interview with Bloomberg TV. Their moves came as a fuel tanker was struck by an “unidentified object” on Monday, according to its owner. It was followed hours later by Norway’s Equinor ASA. That’s down by 35 per cent from the start of the month.īP said it would “keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region.” None of its ships - those it owns or those it hires - will pass through the Red Sea. “Rising uncertainty in the Suez channel combined with the global economy rebounding because of easier financial conditions could put upward pressure on goods inflation over the coming months,” Apollo Global Management chief economist Torsten Slok said.įifty six merchant ships entered or left the Red Sea on Saturday and Sunday, according to data compiled by Bloomberg. And it comes as central banks are still wary about inflation risks. They’re happening at a time when the world’s other vital ocean-to-ocean waterway - the Panama Canal - is being s everely restricted by drought. The incidents are threatening a trade corridor through which about 12 per cent of seaborne trade normally passes. But it’s not straightforward, and Gulf allies in the region don’t agree on the correct approach. Defense Secretary Lloyd Austin will convene fellow ministers Tuesday and is expected to come up with a new maritime task force to deal with the Yemen-based militants. United States officials are scrambling to come up with a response as global trade comes under threat. While there’s some slack in global supply lines to absorb the recent capacity strains, the sudden closure of the Suez Canal in 2021 showed how fragile networks are when major links break down. Moller-Maersk A/S, companies that transport consumer goods, commodities like coal and corn, and energy supplies face longer journeys. Brent oil futures jumped as much as 3.9 per cent.įrom BP PLC to A.P. European natural gas prices surged by as much as 13 per cent amid the most concrete sign yet of disruption to energy flows since the start of the war in Gaza.
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