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The Red Sea, famed for trade, faces crisis with escalating Houthi attacks, threatening global economic repercussions by disrupting vital shipping routes. The surge in conflict escalates war risk premiums, significantly inflating expenses for transpor

Crisis in Red Sea: This is why there's a red light for ships in the region now

The Red Sea, famed for trade, faces crisis with escalating Houthi attacks, threatening global economic repercussions by disrupting vital shipping routes. The surge in conflict escalates war risk premiums, significantly inflating expenses for transportation 

The Red Sea, famed for trade, faces crisis with escalating Houthi attacks, threatening global economic repercussions by disrupting vital shipping routes. The surge in conflict escalates war risk premiums, significantly inflating expenses for transportation&nbsp;

The Red Sea, historically renowned for connecting nations and facilitating trade, is now at the epicentre of a crisis that could have ramifications on the global economy. The escalation of Houthi attacks disrupting vital shipping routes has thrown the region into turmoil. At the heart of the crisis lies the strategic trade corridor of the Red Sea, a crucial passageway that feeds into the Suez Canal&mdash;the world's busiest and most pivotal trade artery. This maritime thoroughfare witnesses the daily transit of ships laden with commodities such as oil, grain, and various consumer goods. Any disturbance in this region reverberates across global commerce.
<h3>Trade worth $700 billion flows through the route&nbsp;</h3>
The staggering economic value associated with the Red Sea route is immense. Approximately $700 billion worth of trade flows through this region on a daily basis. Annually, the Suez Canal accounts for 12% of global trade passing through the Red Sea. The recent surge in Houthi attacks poses a substantial threat. Prolonged conflict leading to a halt in canal usage could result in severe economic losses, disrupting supply chains and impacting industries and consumers worldwide.
<h3>Why Houthi are attacking ships?</h3>
The intensified attacks by Houthi rebels are intrinsically linked to the ongoing Israel-Hamas conflict. Backed by Iran, the Houthis target vessels they perceive as associated with Israel. These actions stem from geopolitical tensions and a quest for regional influence, transforming the Red Sea into a battleground for power struggles.
<h3>Impact on trade routes and consumer costs&nbsp;</h3>
The longer and more expensive alternative route around the Good Hope Cape near Africa is an option but is not very viable as vessels travelling from Asia to Israel take a notably longer route around Africa, spanning approximately 7,000 nautical miles and lasting between 10 to 14 days, as opposed to the quicker passage through the Suez Canal. Additionally, this alternative route results in increased fuel expenses
Another issue is rising war risk premiums. Shipping companies, compelled to cover higher risks in conflict zones, impose elevated premiums, subsequently affecting product costs. Consequently, consumers may experience increased prices for goods transported through the canal, thereby altering import-export dynamics.&nbsp;
Normally, ships are required to inform their insurers when navigating through high-risk zones and to make an extra payment as a premium. At the beginning of December, this additional risk premium, paid by shipping companies, stood at a mere 0.07% of a ship's value. However, it has surged to approximately 0.5%-0.7% recently. Recently, a consortium of prominent marine insurers expanded the designated high-risk area in the Red Sea, leading to more vessels being subject to this premium. Consequently, the expenses associated with shipping goods through the Red Sea have escalated by tens of thousands of dollars per week.
The Suez Canal Authority recently announced an increase of 5%-15% in transit fees, taking advantage of the increase in vessel traffic as more ocean carriers avoid the Panama Canal, reported the Freight Waves.&nbsp;
Oil prices experienced a slight surge on December 18 due to clashes in the Suez Canal. The benchmark Brent crude oil rose by 0.8%, reaching $77.18 per barrel, as major shipping companies including BP, Maersk, MSC, Hapag Lloyd announced their decision to avoid the route.
The India Impact From an Indian perspective, the crisis has implications: Coal Imports: India imports around 20 million tonnes of non-coking coal via the Red Sea, primarily from the US and Russia. The logistical hurdles caused by the crisis may affect this crucial supply.&nbsp; Energy Security: India&rsquo;s energy security relies on stable sea routes. Any disruption in the Red Sea jeopardizes our access to oil and gas. As a growing economy, India closely watches developments in this region. Also Watch: <a href="https://www.editorji.com/business-news/economy/red-sea-crisis-sparks-temporary-surge-in-oil-prices-1702980357958">Red Sea crisis sparks temporary surge in oil prices</a>

The Red Sea, a vital trade route, handles 10% of global shipments. Amidst heightened tensions from the Israel-Hamas conflict, Yemen's Houthi rebels targeted vessels bound for Israel in solidarity with Palestinians.

Red Sea crisis sparks temporary surge in oil prices

The Red Sea, a vital trade route, handles 10% of global shipments. Amidst heightened tensions from the Israel-Hamas conflict, Yemen's Houthi rebels targeted vessels bound for Israel in solidarity with Palestinians.

Oil prices experienced a slight surge on December 18 due to clashes in the Suez Canal. However, analysts are quick to point out that this uptick may be temporary, given the current subdued demand, reported Money Control. The benchmark Brent crude oil rose by 0.8%, reaching $77.18 per barrel, as major shipping companies announced their decision to avoid the route.
The Red Sea, a crucial global trade artery, plays a significant role in the movement of goods. It accounts for 10% of the world&rsquo;s oil, grain, and consumer goods shipments. However, shipping risks escalated in the wake of the Israel-Hamas conflict. Iran-backed Houthi rebels in Yemen targeted vessels bound for Israel, showing their support for Palestinians.
Suman Chowdhury, Chief Economist and Head of Research at Acuit&eacute; Ratings &amp; Research told Money Control, &ldquo;We do not anticipate a sustained impact on oil prices unless there is a significant escalation. This spike is a result of a rebel attack and is unlikely to persist. Our projection does not exceed $78 per barrel"&nbsp;
The global markets continue to seek a sustainable balance between energy supply and demand. However, a decelerating macroeconomic environment poses challenges to energy demand growth. Additionally, geopolitical events in various regions impact the energy supply. S&amp;P Global highlighted these factors in a report released on December 18.
Despite recent Houthi attacks, oil markets have largely shrugged off the impact. However, concerns are mounting as the attacks intensify. Money control report indicate that the Houthis targeted the Liberian container ship Al Jasrah on December 15. This development signals an expansion beyond vessels directly tied to Israel. The group launched two ballistic missiles, one of which struck the MSC Palatium III. Also Watch: <a href="https://www.editorji.com/business-news/state-run-oil-companies-slash-jet-fuel-prices-easing-operational-costs-for-domestic-carriers-1698816430338#google_vignette">State-run oil companies slash Jet Fuel prices, easing operational costs for domestic carriers</a>

In the past week, social media was abuzz with hilarious memes around the 1300 foot ship that brought&nbsp; one of world's busiest waterway, the Suez Canal to a halt.
Now, an app developer has created an application where you can put the ship anywhere in the world through a digital map.
Garrett Dash Nelson created it on the glitch platform and stated that you can wedge the 'Ever Given' anywhere you want.
He even shared pictures of the ship stranded in various locations, including the Hudson, Panama Canal and Las Vegas. People on the Internet tried out the app and shared their results on Twitter. The giant container ship was re-floated on Monday, reports said.

This App lets you wedge the ship that blocked Suez Canal, anywhere in the world

"Why should the Suez Canal have all the fun?":developer makes app that lets people place the giant vessel that blocked Suez Canal anywhere in the world

In the past week, social media was abuzz with hilarious memes around the 1300 foot ship that brought&nbsp; one of world's busiest waterway, the Suez Canal to a halt.
Now, an app developer has created an application where you can put the ship anywhere in the world through a digital map.
Garrett Dash Nelson created it on the glitch platform and stated that you can wedge the 'Ever Given' anywhere you want.
He even shared pictures of the ship stranded in various locations, including the Hudson, Panama Canal and Las Vegas. People on the Internet tried out the app and shared their results on Twitter.&nbsp;

One of the world&rsquo;s busiest waterways remains at a standstill for a fourth straight day&nbsp;. Crude oil prices surged higher as supply worries mount.&nbsp;With 10% of global oil supply being through put through the canal, the longer the blockage the longer the clearing will take escalating supply concerns to Asia.&nbsp;The Suez Canal handles around 12% of global trade, making it an essential point of passage. Each day of blockage disrupts more than&nbsp;$9 billion worth of goods, according to Lloyd&rsquo;s List, which translates to about&nbsp;$400 million per hour.
So what is blocking this waterway? Well the ship which is creating the log jam at the Suez Canal is&nbsp;more than 1,300 feet, which is almost as long as the Empire State Building is tall.

Suez Canal blockage continues for fourth day, crude oil prices on the rise 

As the 1300 foot ship continues to block the world's busiest waterway, crude prices surge as the Suez Canal remains jammed for 4th straight day.&nbsp;

<ul>
<li>Crude prices rise as Suez Canal stays blocked for 4th day&nbsp;</li>
<li>10% of global crude/energy material transported through the canal</li>
<li>Economic impact = $400 million/hour = $9 billion a day&nbsp;</li>
</ul>

One of the world&rsquo;s busiest waterways remains at a standstill for a fourth straight day&nbsp;. Crude oil prices surged higher as supply worries mount.&nbsp; With 10% of global oil supply being through put through the canal, the longer the blockage the longer the clearing will take escalating supply concerns to Asia.&nbsp; The Suez Canal handles around 12% of global trade, making it an essential point of passage. Each day of blockage disrupts more than&nbsp;$9 billion worth of goods, according to Lloyd&rsquo;s List, which translates to about&nbsp;$400 million per hour.
So what is blocking this waterway? Well the ship which is creating the log jam at the Suez Canal is&nbsp;more than 1,300 feet, which is almost as long as the Empire State Building is tall.

The government has finalised a&nbsp;four-pronged plan to deal with the fallout from the blockage of the Suez Canal.Department of commerce at meeting held on March 26 discussed the 4 most pressing issues -:&nbsp;&nbsp;

Prioritising the movement of perishable cargo
Honouring existing freight rates as shipping rates sky rocket
Rerouting of ships
Remaining prepared for post-blockage rush at various ports&nbsp;

The govt in a statement said "We will identify cargo, particularly perishable cargo, for priority movement and work with the shipping lines for the same."The Govt has also&nbsp;made a request to the shipping lines to maintain stability in freight rates during the period of this crisis.&nbsp;

India readies 4 point plan to deal with Suez blockage

With shipping rates sky rocketing, and perishables rotting at the Suez, The govt readies a 4 point plan to deal with the fallout.

The government has finalised a&nbsp;four-pronged plan to deal with the fallout from the blockage of the Suez Canal. Department of commerce at meeting held on March 26 discussed the 4 most pressing issues -:&nbsp;&nbsp;
<ul>
<li>Prioritising the movement of perishable cargo</li>
<li>Honouring existing freight rates as shipping rates sky rocket</li>
<li>Rerouting of ships</li>
<li>Remaining prepared for post-blockage rush at various ports&nbsp;</li>
</ul>
The govt in a statement said "We will identify cargo, particularly perishable cargo, for priority movement and work with the shipping lines for the same." The Govt has also&nbsp;made a request to the shipping lines to maintain stability in freight rates during the period of this crisis.&nbsp;

As 238 vessels remain queued up at the world's busiest trade route, analysts estimate the Suez Canal blockage is delaying business worth $400 million an hour or $9.6 billion a day.&nbsp;According to the World Shipping Council, the Suez canal&rsquo;s daily vessel throughput capacity is 106. If the canal is closed for two days, it will then take two additional days after re-opening to clear the backlog.&nbsp; The longer the delay, the longer it will take to move out the vessels.The Suez Canal is one of the busiest trade routes in the world, with approximately 12% of total global trade moving through it. Energy exports like liquified natural gas, Crude oil, and refined oil make up 10% of global shipments.

Suez Canal Traffic Jam effecting biz worth $400 million per hour, $9.6 billion a day

The traffic jam at the world's busiest route, Suez Canal is halting $9.6 billion of global business a day.

<ul>
<li>Blockage at the Suez Canal delaying biz worth $9.6 billion/day</li>
<li>Currently 238 vessels remain blocked at the Suez Canal</li>
<li>For every day 2 days shut it would take 2 days to clear backlog&nbsp;</li>
<li>12% of global trade moves through the Suez Canal</li>
</ul>

As 238 vessels remain queued up at the world's busiest trade route, analysts estimate the Suez Canal blockage is delaying business worth $400 million an hour or $9.6 billion a day.&nbsp; According to the World Shipping Council, the Suez canal&rsquo;s daily vessel throughput capacity is 106. If the canal is closed for two days, it will then take two additional days after re-opening to clear the backlog.&nbsp; The longer the delay, the longer it will take to move out the vessels. The Suez Canal is one of the busiest trade routes in the world, with approximately 12% of total global trade moving through it. Energy exports like liquified natural gas, Crude oil, and refined oil make up 10% of global shipments.

As more than 100 ships remained blocked at the Suez Canal, halting all traffic in one of the world&rsquo;s busiest shipping arteries. Traders are betting on&nbsp;crude prices to head higher as the&nbsp;blockage in the Suez Canal will lead to supply disruption for oil headed towards Asia.&nbsp;
Over 10% of global oil passes&nbsp;through the canal&nbsp;and it has become an important route for Russian oil to reach Asia.
Even though many traders agree&nbsp;that&nbsp;the issue is not going to be long lasting but could lead to a backlog of 50 vessels per day.&nbsp;

Crude prices surge as Suez Canal blockage raises supply concerns for Asia

As the 120-mile man-made waterway of Suez Canal remains blocked, crude prices surge as supply worries rise for Asia.

<ul>
<li>Suez Canal gridlock raises oil prices</li>
<li>10% of global oil supply passes through the Suez Canal</li>
<li>Traders anticipate a backlog of 50 vessels per day</li>
</ul>

More than 100 ships remained blocked at the Suez Canal, halting all traffic in one of the world&rsquo;s busiest shipping arteries. Traders are betting on&nbsp;crude prices to head higher as the&nbsp;blockage will lead to supply disruption for oil headed towards Asia.&nbsp;
Over 10% of global oil passes&nbsp;through the canal&nbsp;and it has become an important route for Russian oil to reach Asia.
Even though many traders agree&nbsp;that&nbsp;the issue is not going to be long lasting but could lead to a backlog of 50 vessels per day.&nbsp;

suez canal

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