SUEZ CANAL
Singapore port container logjam worsens as ships avoid Red Sea
Singapore's port faces congestion due to vessel diversions to avoid Red Sea attacks by Houthi rebels, impacting global supply chains and causing delays in goods delivery.
Suez like Canal in Europe? What is new construction about and which countries will it connect to?
A new canal is being constructed in Europe connecting France, Luxembourg, Belgium and the Netherlands. Cargo will be transported. This is expected to combat the effects of climate change in the region.
Pakistani Prime Minister Sharif meets China's Xi in Beijing ahead of IMF talks
China's President Xi Jinping met Pakistani Prime Minister Shehbaz Sharif in Beijing, affirming China's support for Pakistan's sovereignty and economic development. The meeting occurred ahead of Pakistan's annual budget and anticipated IMF loan application. Pakistan's strategic location on the Arabian Sea is vital for China's trade routes. Pakistan owes China $27 billion, nearly 13% of its total debt, mainly for infrastructure projects. Xi emphasized the importance of the China-Pakistan Economic Corridor and called for enhanced security for Chinese projects, following a recent attack on Chinese engineers.
Ships diverted from Red Sea send ripple effects across the globe
Supply chain managers paying for the services look to place order in advance as ships face extended journeys since they spend more time at anchor.
Reach Europe 20 days earlier and for 30% cheaper: How Chabahar port helps India expand its trade footprints globally
India’s pact with Iran to develop the Chabahar port will give a boost to the multimodal transportation network called the International North-South Transport Corridor, enabling exports from South Asia to reach Europe and Russia.
Red Sea diversions spew carbon emissions equal to 9 million cars
Instead of passing through Egypt’s Suez Canal, hundreds of vessels since mid-December are sailing around South Africa’s Cape of Good Hope — a detour that adds at least a week to the journey between South Asia and northern Europe.
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Will keep diversifying export basket, says Commerce secy Barthwal in view of Iran-Israel conflict
India has diversified its trade to protect against regional conflicts and the ongoing Israel-Iran conflict. Commerce Secretary Sunil Barthwal said the government is monitoring West Asian developments and will consider their impact before implementing policy interventions. The ministry is also focusing on tapping new markets to weather recessionary trends and conflicts.
Iran to attack Israel: How it may affect your petrol bill?
Geopolitical tensions in the Middle East caused a 1% rise in oil prices on Friday, with concerns over potential supply disruptions. Brent crude settled at $90.45 a barrel, and U.S. West Texas Intermediate crude rose to $85.66. The market focused on potential retaliation from Iran after a suspected Israeli warplane attack on Iran's embassy in Damascus. While the U.S. expects an attack on Israel, Iranian sources suggest a response to avoid major escalation. Analysts warn of possible supply chain issues and price hikes if the situation escalates further.
Take maritime shipping off the inflation warning list
These latest disruptions are forcing ships to take alternative, longer routes. But once the ships arrive at their destinations, they are being unloaded quickly.
Red Sea Crisis: RBI and IRDAI asked to help limit impact on exports
In a letter, which was also addressed to state-run export finance institution Exim Bank, the finance ministry last month told the RBI and Insurance Regulatory and Development Authority of India (IRDAI) to monitor and look into the concerns raised by exporters with the commerce ministry about these disruptions potentially inflating India's export costs, officials said.
Focus on supply-side reforms, AI to boost economic growth: RBI
Das talked about continuing risk to the overall trade environment due to issues arising from protracted geopolitical tensions and increased disruptions in trade routes.
Panama Canal drought could threaten supply chain, S&P says
The canal has imposed several restrictions since 2023, though last month the Panama Canal Authority bumped up daily crossings to 27, from 24, as water levels rose at the man-made Gatun Lake which feeds into the canal.
Fast-fashion retailer H&M delayed some campaigns due to Red Sea crisis
H&M, the world's second-largest fashion retailer, has delayed some Spring/Summer campaigns due to shipping delays caused by the Red Sea crisis. CEO Daniel Erver stated that the impact on customer availability was minimal. The delays, around two weeks in some markets, are due to ships avoiding the Suez Canal. H&M is monitoring the situation and has taken measures to minimize the impact, including asking suppliers to ship products earlier and speeding up plans to shift production closer to customers.
US container shippers slow walk new contracts, eye easing of Red Sea rate hikes, analysts say
Iran-aligned Houthi missile and drone attacks on commercial ships in the Red Sea have forced most container carriers to reroute vessels around Africa and sent spot rates soaring.
CMA CGM expects Red Sea shipping disruption to last months
Shipping firms are diverting vessels on to the longer, more costly route around southern Africa after Houthi militants in Yemen began drone and missile attacks on ships in the Red Sea and Gulf of Aden last November.
New freighters could ease Red Sea cargo disruptions
The Houthis, who are backed by Iran and control northern Yemen, continue to threaten ships, forcing many to take a much longer route around Africa's southern tip. But there are signs that the world will probably avoid a drawn-out shipping crisis.
UN sees ‘unprecedented challenges’ from canal crises and war
Transit through Suez Canal has fallen by 42% from its peak last May, and container tonnage slumped by 82% by the first half of February as vessels avoid violence in the Red Sea region, UNCTAD said.
India's small exporters reel as Red Sea crisis helps rivals nab business
Small firms export 40% of India's merchandise exports and re-routing of ships has squeezed already thin margins.
Japanese shipper MOL says Red Sea disruption could last a year
Yemen’s Houthi rebels have been menacing merchant shipping since mid-November, attempting to board vessels and hitting them with missiles and drones.
Egypt’s Canal receipts fall by almost half after Red Sea attacks
The drop is the latest headache for the North African nation that was already wrestling with its worst economic crisis in decades before the Israel-Hamas war erupted in October and threatened to disrupt trade and tourism.
WTO says its trade growth estimates appear 'overly optimistic'
The WTO had estimated in October that merchandise trade growth would be 0.8% for 2023 and 3.3% for 2024.
Red Sea turmoil sends economic shockwaves far and wide
With sailors demanding double pay and insurance rates skyrocketing, shipping lines are steering clear of a waterway that normally carries 12% of the world’s seaborne trade.
European wheat shipments are bypassing the Suez Canal
Commodity carriers have been forced to bypass the Suez Canal, taking longer and more expensive routes to their destinations, because of Houthi militant attacks on merchant ships in the Red Sea.
Maersk says winter weather, Red Sea disruption cause congestion
Maersk and other shipping groups have diverted vessels away from the Red Sea and the Gulf of Aden following attacks by Yemen's Houthis.
Suez Canal traffic drops to lowest since 2021 blockage
The data also show a corresponding rise in the number of ships passing by the Cape of Good Hope near the southern tip of Africa.
Add soaring insurance bills to mounting Red Sea trade chaos
Shipowners and charterers prepared to risk sailing through the Red Sea are wondering whether it’s cheaper to pay the mounting additional insurance costs along with transit fee for the Suez Canal, or take the long route around the Cape of Good Hope and in turn rack up additional fuel bills.
Canals aren’t even the world's biggest shipping chokepoints
More than a quarter of goods transport passes through a 25-mile wide stretch of water that separates Indonesia to the southwest from Singapore and Malaysia to the northeast, known as the Malacca Strait.
Retailers can manage Red Sea shipping delays for now
Container ships are being forced to avoid the Red Sea and Suez Canal, the main route for shipments from Asia to Europe and an important one for deliveries to the US East Coast, after Iran-backed Houthi rebels started attacking ships as part of a campaign against Israel.
Retailers rush to avoid delays to spring collections due to Red Sea attacks
The diversions have raised fears of another prolonged disruption to global trade just as supply chains unsnarl after the COVID pandemic.
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