Suez Canal

Suez crisis: Houthi attacks disrupt India's diesel trade and oil business

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

Amid Houthi attacks, Red Sea diversions spew emissions equal to 9 mn cars

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, JERA to jointly evaluate green ammonia projects in Odisha

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

Red Sea crisis: RBI, Irdai called in to help limit impact on Indian exports

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

No adverse impact of ongoing Red Sea crisis so far on India's trade

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

Agricultural commodities may be significantly impacted by Red Sea crisis

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

Oil mkt braces for a weeks-long disruption to shipping in southern Red Sea

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

Latest Houthi threat in Suez Canal to impact Indian shipping further

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

More oil tankers shun southern Red Sea after US-led strikes in Yemen

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

Red Sea attacks leave global shipping companies with difficult choices

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

Red Sea region conflict: No major threat to India's fuel supplies

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

Commerce department takes stock as ongoing Red Sea crisis intensifies

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

Denmark's Maersk continues to schedule Suez journeys despite Houthi attack

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

Preparing for resumption of Red Sea voyages post-attacks from Yemen: Maersk

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

Suez, a crisis waiting to happen, forces shippers to be ready any moment

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

Shipping firms brace for vigilance, price shocks over Red Sea situation

Ocean freight 10% costlier, shippers brace for further setback

Egypt's Suez canal authority monitoring tensions in Red Sea amid Israel war

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

Tankers carrying oil collides in Egypt, disrupts traffic: Officials

Two tankers carrying oil products and liquefied natural gas collided in the Suez Canal, disrupting traffic through the global waterway, Egyptian authorities said Wednesday. The Suez Canal authority said in a statement that the BW Lesmes, a Singapore-flagged tanker that carries liquefied natural gas, suffered a mechanical malfunction on Tuesday night and ran aground while transiting through the canal. The Burri, a Cayman Island-flagged oil products tanker, collided with the broken vessel. The collision disrupted traffic, the statement said. The two tanker were part of a convoy transiting through from the Mediterranean Sea to the Red Sea. We've immediately handled the breakdowns ... and traffic will go back to normal in both directions within the coming hours, said Adm. Ossama Rabei, the head of the canal authority, in the statement. About 10 per cent of world trade flows through the canal, a major source of foreign currency for the Egyptian government. In March 2021, the Panama-fl

Traffic in Suez Canal remains unaffected after collision of two tankers

The two tankers were separated after the collision

Tugboat sinks in Egypt's Suez Canal after colliding with tanker: Official

A tugboat sank Saturday in Egypt's Suez Canal after it collided with a Hong Kong-flagged tanker, the waterway's authorities said. In a statement, the Suez Canal Authority, which oversees the operation of the key water passage, said its teams were working to recover the tugboat after it launched an operation to save the seven-person crew. It did not mention whether the movement of other ships transporting through the canal had been affected. The canal, which connects the Mediterranean and Red Seas, sees periodic groundings of mega-large transport ships that go through it, many of them travelling between China and Europe and the Western Hemisphere. Tugboats help guide ships passing through. The tanker involved in Saturday's collision, the authority said, was the Hong Kong-flagged tanker Chinagas Legend, which it said was now waiting in Port Said. In March 2021 a skyscraper-sized container ship, the Panama-flagged Ever Given, ran aground in a single-lane stretch of the canal, blocking