A Panamanian-flagged crude oil tanker was attacked near the Yemeni Red Sea port of Mocha, British security firm Ambrey reported. The ship was hit by a missile, causing a fire on board. Other vessels were warned to be cautious in the area. Houthi attacks in the Red Sea have disrupted global shipping.
Iran released the crew of a seized Portuguese-flagged ship connected to Israel, maintaining control of the vessel. The Revolutionary Guard took the MSC Aries container ship with 25 crew members in the Strait of Hormuz, citing retaliation for an Israeli attack. The ship remains in Iran’s custody for violating maritime laws.
The Iran-backed Houthi group threatens to attack ships in the eastern Mediterranean, intensifying its anti-Israel campaign. While they have attacked ships in the Red Sea and Gulf of Aden, their capabilities beyond these waters remain uncertain. With support from Iran, the threat to ships linked to Israel, the US, and the UK persists.
Ships avoiding Houthi rebel attacks in the Red Sea are increasing carbon emissions, complicating efforts to reduce pollution in supply chains. Extra fuel burned during detours adds 13.6 million tons of CO2 in 4 months. Speeding up ships only exacerbates the problem, impacting global trade emissions and environmental goals.
New data shows a 14% increase in EU shipping sector carbon emissions, monitored by Kayrros. Ship diversions due to Houthi attacks in the Red Sea are the main cause, leading to additional CO2 emissions. This poses a challenge to decarbonization efforts and hinders progress towards net zero emissions.
Houthi forces in Yemen targeted British, U.S., and Israeli ships with missiles and drones, impacting global shipping. The U.S. retaliated against the group by destroying their weapons system and intercepting an unmanned aerial vehicle. British security firm Ambrey reported an attack in the Gulf of Aden, urging vessels to stay vigilant.
The US may lift the terrorist designation on Yemen’s Houthis if ship attacks cease in the Red Sea, aiming for diplomatic solutions. Talks with Oman and Saudi officials indicate a desire for peace and de-escalation. The Houthis could demonstrate goodwill by releasing a kidnapped crew to restart UN peace talks in Yemen.
Yemen’s Iran-backed Houthis threaten to continue attacking British ships in the Gulf of Aden after sinking the Rubymar. Houthi deputy foreign minister vows more attacks, accusing Britain of supporting America’s crimes against Gaza. US and Britain retaliated with strikes on Houthi targets in Yemen. Global shipping disrupted, fearing regional destabilization.
The cargo ship Rubymar, attacked last month, has sunk in the Red Sea. Yemen’s government confirmed the incident and expressed concerns about an environmental disaster. Houthi militants have been targeting commercial vessels in the region since November. The U.S. military reported the ship was carrying 41,000 tons of fertilizer.
The US has targeted 230 sites in Yemen in response to Houthi-led attacks in the Red Sea, seizing shipments of weapon components from Iran. Despite American strikes, the Houthis remain defiant, engaging in sea standoffs. Recent actions included shooting down five Houthi drones. This marks a significant escalation in the conflict.
Norwegian Cruise Line Holdings exceeded Wall Street expectations with its 2024 financial forecast, projecting adjusted earnings of $1.23 per share and occupancy at 105.1%. This positive news led to an over 8% increase in premarket trading shares, with Royal Caribbean and Carnival Corp also seeing gains. The cruise industry continues to see strong demand despite recent disruptions in the Red Sea.
Recent attacks on shipping in the Red Sea and other global challenges are transforming trade routes, with potential economic and environmental impacts. A report from UNCTAD, “Navigating Troubled Waters,” highlights disruptions to the Suez Canal and the Panama Canal, impacting global supply chains and increasing greenhouse gas emissions. Developing countries are particularly vulnerable.
Houthi fighters and their Iranian backers are preparing for a protracted confrontation with the US and its allies around the Red Sea, regardless of the outcome of the war between Israel and Hamas. The Yemen-based group is bolstering its military and defense capabilities to continue attacking ships around the vital waterway, according to several people familiar with the situation.
Yemen’s Iran-backed Houthis plan to escalate attacks on ships in the Red Sea and other waters to support Palestinians in the Gaza War. They have introduced “submarine weapons” and issued a ban on ships affiliated with Israel, the United States, and Britain, impacting global shipping and driving up costs.
Major shipping companies warn of deteriorating security in the Red Sea despite Western efforts to contain attacks by Houthi rebels in Yemen. The disruption on the route could last a year, and the risk perception of shipping companies will determine when vessels return to the region. The situation seems to be escalating.
