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Trade associations representing sectors across the global economy have joined an open letter urging more governments around the world to join Red Sea maritime security efforts.
New Zealand Prime Minister Christopher Luxon said the Houthis’ attacks against commercial and naval shipping were “illegal, unacceptable and profoundly destabilising”, arguing that the defence deployment was a continuation of his country’s “long history of defending freedom of navigation both in the Middle East and closer to home”.
KUALA LUMPUR -- The continued impacts of climate change will pose challenges across the Asia-Pacific region, becoming a major driver of humanitarian crises, the regional head of an international relief organization warned.
The global oil market is looking increasingly local as militant attacks in the Red Sea and surging freight rates make supplies from closer to home more attractive.
Exports of premium Indian basmati rice last month were half of what they were a year ago, with traders blaming freight rates that have doubled following a series of attacks on commercial ships by Iran-backed Houthi militants.
A ship carrying 16,000 sheep and cows that turned back from the Red Sea due to the risk of attack off Yemen was stranded at an Australian port in a heatwave on Friday as the exporter sought to offload at least some of the animals into quarantine.
“The most recent attack on a laden tanker suggests things are getting worse, and not better,” said Anoop Singh, global head of shipping research at Oil Brokerage Ltd. The diversions have added 3 per cent to demand for clean tankers, which carry refined products, and about 1 per cent to dirty-tanker demand, he said.
TOKYO -- Political turbulence in the Red Sea is forcing global shippers to make more costly journeys and increasing pressure on companies to review their supply chains and prepare for a new norm characterized by longer transportation distances.