The UAE said it had successfully rescued all 22 people aboard the Magic Seas after an AD Ports Group vessel, Safeen Prism, responded to a distress call
The zone has been setting itself up as a centre for green fuels, including green hydrogen, green ammonia and green methanol
The Sounion, which was struck on August 21 and laden with about one million barrels of crude oil, was towed without an oil spill
The Red Sea project is poised to be the world’s first fully clean energy-powered destination
The port, which is Oman’s closest to the border with Yemen, handled 1.679 million shipping containers in the six months to June 30
The Suez Canal, is a key source of foreign currency for Egypt, and authorities have been trying to boost its revenues in recent years
Red Sea shipping disruptions having a ‘cascading impact’ said the shipping giant
The longer route around the Cape of Good Hope, to avoid attacks by Yemen’s Houthis in the Red Sea, has pushed up shipping costs as well as emissions
Asya Energy is the first LNG tanker to sail through the Strait since January, when LNG voyages through the Red Sea were first suspended
International naval forces have been deployed to provide defensive support for ships sailing through the Red Sea, but the attacks have increased significantly
According to data provided by EIA, total US trade around the cape rose by about one-third, in the first six months of 2024
The Red Sea crisis has disrupted global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa
The CEO for Europe Middle East & Africa (EMEA) tells us that the company is fostering its operations and logistics networks throughout the GCC region while leveraging its strategic partnerships
Maersk’s fuel costs on the affected routes between Asia and Europe are now 40 per cent higher per journey
The tensions in the region have led to a sharp drop in commercial vessel voyages through the Red Sea and Gulf of Aden
Gulf economies are seen growing 2.4 per cent this year, a downward revision of 1.3 percentage points from October
Sales for March in Fujairah climbed 10.7 per cent from February and were up 25.2 per cent from the same month last year
The Red Sea crisis has put plans of some operators to replace aging fleets with newer more fuel-efficient ships on the backburner.
Yemen’s Houthis have staged attacks on shipping in the Red Sea region for months in solidarity with Palestinians in Gaza
The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%
Brent crude oil rose as much as 80 cents a barrel towards $85 after the IEA report was released, touching its highest since November
As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line
From impacting the cost of freight to the cost of energy, tensions in the Red Sea are having a direct impact on global trade
The Red Sea tensions have spurred cargo delivery disruptions and soaked up excess vessel capacity, raising global shipping costs
The Rubymar went down in the southern Red Sea late on Friday or early on Saturday
The 57,000-square-metre facility incorporates advanced technologies that include automated sort systems to enhance the efficiency
The crew abandoned the ship early on Monday after seeking assistance from Djibouti authorities
Retailers calling for firm action include members such as supermarket giants Carrefour, Lidl, M&S, and Tesco
While the situation remains volatile and subject to change, the newly-released data is best indication of where the market is headed
OPEC said its “committee will continue to monitor” countries’ conformity with output decisions