Suez Canal

Trump's focus has been on Chinese commercial shipping and shipbuilding, with the ultimate goal of promoting a revival of US shipbuilding

Attacks by Iran-backed Houthi rebels since October 2023 on ships crossing the Suez Canal have hurt sales of transport fuel shipments from India

Donald Trump criticised Panama Canal fees as a 'rip-off' and raised alarms about China's influence near the canal, sparking a renewed debate over its trade role and sovereignty

Houthi missile strikes on tankers have threatened the competitiveness of Indian fuel exports, prompting out-of-the box solutions like hiring VLCCs to transport fuels

The additional fuel burned has led to approximately an extra 13.6 million tons of CO2 emissions over the past four months - equivalent to the pollution of about 9 million cars

ReNew also has a joint venture called GH4India Pvt Ltd with state-owned oil company Indian Oil Ltd and manufacturing major L&T to jointly set up a green hydrogen business

The Ministry of Finance urged these entities to monitor disruptions that could potentially drive up India's export expenses

There is no adverse impact on India's exports and imports so far due to the Red Sea crisis, an official said. The official said that the transportation cost has increased as the shippers are taking a long route. "There is no impact in volume terms so far. Only the transportation cost is up. It has risen for all the countries. It has not affected the trade adversely so far. We have to see the long term demand, but it will depend on the EU and the US," the official added. These two regions account for over 30 per cent of the country's total exports. However, exporters said that they are keeping their fingers crossed as due to the significant jump in freight cost, India's exports may be impacted. The trade data for January will be released by the commerce ministry on February 15. In December last year, exports rose marginally by one per cent to USD 38.45 billion. Due to the attacks by Yemen-based Houthi rebels on commercial ships, the movement of goods from the Red Sea, the world's

The Red Sea crisis has led to a 122% rise in freight costs in the last few months, according to ICRA

Suezmax ships - so-called for their ability to sail full through the canal that links Asia and Europe - are up about 50% to almost $70,000 a day

US and British forces had carried out a series of airstrikes on Houthi assets on both land and sea beginning Friday

Prior to the U.S. and British strikes on Yemen it had been mostly container ships which were avoiding the Red Sea, with oil tanker traffic largely unchanged in December

Neither option is appealing and both raise costs. In recent months, global supply chains had finally recovered after three years of disruptions caused by the pandemic

Petroleum Minister Hardeep Puri said there had been no disruption in supplies due to the attacks by Houthi rebels on oil tankers transiting the Suez

About 15 per cent of world shipping traffic transits via the Suez Canal, the shortest shipping route between Europe and Asia

But Maersk on Dec. 24 said it was preparing a return to the Red Sea, citing the deployment of a US-led military operation to protect vessels

Shipping firm Maersk says it is preparing to allow vessels to resume sailing through the Red Sea, thanks to the start of a US-led multinational naval operation to protect shipping from attacks by Houthi rebels in Yemen. Houthi attacks have led to a major disruption of shipping through the Suez Canal and the Red Sea, one of the most important arteries for trade in oil, natural gas, grain and consumer goods between Europe and Asia. Maersk said in a statement on Sunday that we have received confirmation that the previously announced multi-national security initiative Operation Prosperity Guardian (OPG) has now been set up and deployed to allow maritime commerce to pass through the Red Sea-Gulf of Aden and once again return to using the Suez Canal as a gateway between Asia and Europe. The company said it was working on plans for the first vessels to make the journey and for this to happen as soon as operationally possible. The Houthis are Iranian-backed rebels who seized Yemen's capita

For a start, the balance of global trade has shifted toward Asia, with China, India and Southeast Asia all being important consumption economies in addition to their long-standing role in production

Ocean freight 10% costlier, shippers brace for further setback

Iran-aligned Houthis have launched attacks against vessels in the region in protest against Israel's bombardment and invasion of Gaza that has killed almost 19,000 Palestinians