Africa’s Red Sea States Face Growing Risks as Houthis Expand Their Reach
[By Burak Sakir Seker] The Houthi takeover of parts of the Red Sea gives the armed group a new platform to challenge global shipping.
shipping
Italy Demands Naval Reinforcements as Red Sea Shipping Crisis Deepens
Italy's defence minister on Friday called for a stronger naval presence in the Red Sea to protect merchant shipping amid concerns over the Bab el-Mandeb Strait, a vital waterway threatened by the widening Middle East conflict.The Iran-backed Houthis in Yemen…
Icon Energy Projects Q3 Rate Rise and Outlines Fleet Performance
Greek dry bulk shipowner Icon Energy announced that third-quarter gross hire rates across its fleet are projected to average approximately $19,000 daily per vessel, marking a 23 per cent rise from $15,500 during the prior-year period.Fleet utilisation reached 100 per…
China Demand Pushes Russia’s ESPO Crude Past $120 a Barrel
Russia's ESPO Blend oil jumped above $120 per barrel for the first time since April, boosted by demand from Chinese refiners as the US-Israeli war on Iran disrupts Middle Eastern supplies, three traders said and Reuters calculations showed.China has increased…
As Russia-Ukraine Conflict Escalates, Marine Insurers Widen Black Sea Risk Area
London's marine insurance market has widened the area in the Black Sea it deems as high risk as the Ukraine-Russia conflict escalates, according to an advisory issued this week.The Black Sea is a vital route for shipments of grain, crude…
US Sanctions Iranian Crypto Exchange for Processing Hormuz Ship Tolls
The United States announced sanctions on an Iranian cryptocurrency exchange controlled by sanctioned Iranian financier Babak Zanjani on Thursday, accusing it of processing payments for ships to transit safely through the Strait of Hormuz.Treasury said BitBank had routed hundreds of…