2024-01-13 12:08:02
Houthi attacks in the Red Sea and U.S. and British strikes against their targets have disrupted shipping, boosted oil and gold prices, and hit revenue from the Suez Canal.
Shipping companies change routes
Shipping data from the London Stock Exchange Group and the Kepler global trade information platform showed that at least four oil tankers have sailed from the Red Sea amid growing concerns about escalating tensions since the United States and Britain launched attacks on Houthi rebel targets in Yemen. Diversion.
The Houthis have been targeting commercial ships since late last year in attacks that the group says are aimed at supporting the Palestinians given Israel’s war in the Gaza Strip. The attacks were concentrated in the Bab el-Mandeb area.
In another sign of escalation, Iran on Thursday seized an oil tanker carrying Iraqi crude bound for Turkey near the Strait of Hormuz, another key waterway for global trade.
Due to the impact of the Gaza war, the Houthi armed forces seized the cargo ship “Galaxy Leader” in November last year (French media)
The tankers Toya, Diana-i, Stolt Zulu and Navigate Pride LHJ turned around mid-voyage on Friday to avoid the Red Sea, according to ship tracking data.
Data shows that one of the tankers named “Toya”, a large crude oil tanker capable of carrying 2 million barrels of oil, is currently empty. The other three ships were oil tankers.
Over the past few weeks, several shipping companies have chosen to avoid the Red Sea region due to increased risks.
Dantom Shipping Group said on Friday it had decided to temporarily suspend all sailing operations through the southern Red Sea.
Hafnia Shipping Company, on the other hand, said on Friday that it had decided to immediately stop all ships sailing to or near the Bab el-Mandab Strait.
Hafnia’s statement said that this decision came after the United States and Britain launched air strikes against the Houthi rebels in Yemen, and the joint navy advised to stay away from the area.
It was followed by Swedish shipping company Stena Bulk, which told Archyde.com it had halted shipping in the Red Sea earlier on Friday.
Houthi leaders respond strongly, warning Washington and London not to expand confrontation
a cautious welcome
Major shipping companies Maersk and Hapag-Lloyd welcomed measures aimed at ensuring security in the region, but the companies did not clarify whether the US-UK crackdown would be enough to resume navigation operations to the Suez Canal. The Suez Canal is the fastest shipping route between Asia and Europe, and about 12% of the world’s container shipping companies pass through the canal.
Germany’s Hapag-Lloyd AG reported additional monthly losses estimated at tens of millions of dollars from Houthi attacks on ships in the Red Sea.
A spokesman for the group said the attacks had a “significant impact on the industry and on us”. The spokesman did not comment on the US and UK-led international military strikes against Houthi positions but said: “We welcome making the Red Sea passage safe again measures.”
Archyde.com said the oil tanker association (Intertanko) circulated a memo to its members, which said the Combined Maritime Force (CMF) warned all ships to “stay away from the Bab el-Mandeb Strait”.
The Tanker Association added: “The threat period for shipping operations is expected to last for several days.” About 10% of global trade passes through the Red Sea.
U.S. Army: Our air forces struck 60 targets in 16 locations of Houthi rebels in Yemen
The oil market in the eye of the storm
The United States and the United Kingdom launched air and sea strikes against Houthi rebel targets in Yemen in response to attacks launched by the Houthi rebels in Yemen since the end of last year, causing tankers to reroute from the Red Sea and causing oil prices to rise 4%.
Oil prices rose by more than 4% amid high geopolitical risks. Brent crude oil traded above $80 before falling to around $78.3.
U.S. West Texas Intermediate crude also rose 4%, topping $75 before falling to around $73 in evening trading.
More than 20 million barrels of oil pass through the Strait of Hormuz every day, equivalent to about 20% of global consumption, ING analysts said in a report.
Gold benefits
Gold prices rose on Friday as air strikes in Yemen increased the appeal of the precious metal as a safe-haven asset.
Gold prices rose 0.9% in live trading to $2,046.62 an ounce as of 20:33 GMT on Friday.
U.S. gold futures also rose about 2% to $2,050.90.
Kelvin Wong, chief market analyst for Asia Pacific at Oanda, said attention will be focused on rising geopolitical tensions, which are seen as “supporting gold prices above the 50-day moving average above $2015.”
The number of ships passing through the Suez Canal has dropped to 544 so far (Al Jazeera)
The Suez Canal is suffering
Suez Canal Authority chief Osama Rabie said the Suez Canal’s dollar revenue has fallen 40% since the start of the year compared with 2023, after Yemen’s Houthi rebels disrupted its navigation route after attacks on ships bound for Israel. Departed from this corridor.
Osama Rabie mentioned in the TV program that from January 1 to the 11th of the same month, ship transit traffic dropped by 30% year-on-year.
He explained that the number of ships passing through the Suez Canal has dropped to 544 so far this year, compared with 777 in the same period last year.
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