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
Recently, four tankers carrying Russian Urals crude passed through the Bab-el-Mandab strait with another three heading south through the Red Sea
His visit to Muscat follows regional travel last week where he met with leaders in Israel, Qatar and Turkey
The Red Sea crisis has slowed trade between Asia and Europe and raised concerns about an escalation of the conflict between Israel and Hamas in Gaza
Several of Qatar’s LNG tankers have resumed sailing through the Red Sea after having been stopped since January 13
Navigation movement in Egypt’s Suez Canal is regular from both directions, says a top official from that country
German shipping firm Hapag-Lloyd will continue to circle around the Cape of Good Hope as issues in the Red Sea remain
The Suez Canal is an important source of dollar revenues for Egypt
Blinken’s visit to the region comes amid an escalation to the crisis in the Middle East
About 12 per cent of world shipping traffic transits the canal and 4-8 per cent of global LNG cargoes have passed through it in 2023
Further attacks on ships in the Red Sea prompted fears of shipping disruptions and on hopes of interest rate cuts that could boost economic growth and fuel demand
Brent crude oil futures fell 32 cents, or 0.4 per cent, to settle at $79.07 a barrel
The Middle East crisis is already raising shipping and insurance costs through the critical Red Sea area
The carrier will serve the Egyptian market with a total of 17 weekly flights
Sindalah is one of NEOM’s 41 islands, which will be home to a world-leading yachting ecosystem