Tag Archives: Red Sea

Tankers and container ships that have been avoiding the Red Sea route are set to burn additional 500,000 barrels per day (bpd) of fuel oil this year due to the longer alternative route via the Cape of Good Hope in Africa, commodity trading giant Trafigura has estimated. Since the end …

The last LNG carrier that passed the Bab el Mandeb strait off the Yemeni coast did so in February. Since that month, there has been no LNG traffic via the once major energy chokepoint as vessels diverted around Africa—or changed destinations entirely. When the Houthi attacks on ships traversing the …

Russia has started diverting its LNG cargoes away from the Suez Canal and is using the longer route to China via the Cape of Good Hope in Africa, amid a higher risk of Houthi attacks in the Red Sea, according to LSEG data cited by Reuters on Wednesday. The longer …

Brent Crude prices have held above $80 per barrel for most of February, with signs pointing to a tightening in the physical market as OPEC+ production cuts continue and the rerouting of cargoes away from the Red Sea and the Suez Canal drags on. European refiners are looking for Atlantic …

Europe and Asia are set to finish the winter without significant disruptions to liquefied natural gas (LNG) supply and without price spikes, despite the ongoing chaos in global commodity shipping due to the Houthi attacks on commercial vessels in the Red Sea. Weaker demand than historical averages and higher gas …

Last week, Brent crude closed above $81 per barrel, close to $82. This was a solid increase from the start of the week when the international benchmark was trading at around $78 per barrel. Yet these prices are about the same as prices were when the Yemeni Houthis began attacking …

Security threats to commercial shipping in the Red Sea are not abating, they are escalating instead, and disruptions to maritime trade are expected to last up to a year, according to some of the biggest shipping companies in the world. Many container and tanker operators have been avoiding the Red …

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. A slump in tanker traffic through the Suez Canal is spurring the beginnings of a split, with one trading region centered around the …

Amid rising Red Sea shipping risks due to attacks on vessels from Yemen’s Houthis, Saudi Arabia has increased exports from its northern Red Sea terminal to avoid the danger zone, according to Bloomberg and Reuters. Oil exports from Saudi Arabia’s Muajjiz terminal saw a 580,000-barrel-per-day increase in January, based on …

As many as 100 tankers carrying some 56 million barrels of crude oil and fuels have been diverted from the Red Sea since Yemen’s Houthis began targeting ships there with drones and missiles. These are 56 million barrels of crude and fuels that will take from two weeks to more …