Global shippers of crude and fuels are grappling with a spike in booking costs for some tankers taking lengthy diversions to avoid disruptions at the Suez and Panama canals. Chartering costs for a so-called Suezmax, the largest class of oil …
Yemen’s Houthi rebels vowed to continue targeting ships in the Red Sea despite a US move to compile an international naval task force to protect maritime trade in one of the world’s most important waterways. The Iran-backed group also warned …
The cost of insuring vessels that will transit the Red Sea jumped again this week after mounting attacks in the region forced some ships to avoid the vital waterway, underscoring the need to secure an area that’s pivotal to global …
Shipping in the Red Sea is grinding to a halt with oil tankers idling and container vessels rerouting around Africa as violence linked to the Israel-Hamas war threatens to undermine the global economy. Two European oil and gas giants said …
One of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s Market Association’s Joint War Committee on Monday applies only to …
London’s marine insurance market has widened the area in the Red Sea it deems as high risk after a surge in attacks on commercial ships, according to a statement issued on Monday. Guidance from the Joint War Committee (JWC), which …
Iranian-backed Houthi militants in Yemen have stepped up attacks on vessels in the Red Sea to show their support for Palestinian Islamist group Hamas fighting Israel in Gaza. The attacks, targeting a route that allows East-West trade, especially of oil, …
Maersk Tankers is to insist its fleet of fuel carriers have the option to avoid the Red Sea following an escalation in attacks on merchant ships in the area. The decision, set out in a notice seen by Bloomberg, doesn’t …
Armed guards on a fuel tanker exchanged gunfire with a small boat in the Red Sea, another sign of escalating risks in one of the world’s most crucial waterways. The frequency of attacks in the maritime corridor handling about 12% …
The cost of shipping goods through the Red Sea is rising as Yemen’s Houthis step up attacks on ships they deem connected to Israel with fears of a spillover that could disrupt global supplies sailing through the region, industry sources …
