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☆ Shipping giant Maersk says Baltimore port reentry decision is near as collapsed bridge cleanup progresses
▼ + stars: | 2024-05-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

The remains of the Key Bridge in the Patapsco River entrance to Baltimore Harbor on May 2, 2024, in Baltimore, Maryland. Van der Steene says the Maersk team has seen less than 200 containers taken off the Dali over the last nine days. But based on North American freight orders from Asia, Van der Steene described 2024 as a "year of reinvigoration." Peak shipping season, which starts in June and continues through the summer for the back to school shopping and then the holidays, is expected to be normal in volume, Van der Steene said. "There's nothing that indicates that it would be a slower peak season or a bigger peak season," said Van der Steene.

Persons: Moller, Charles Van der Steene, Brendan Smialowski, Dali, Francis Scott Key, Van der Steene, Maersk, Kevin Dietsch, Van de Steene, Vincent Clerc, Good Hope, Chip Somodevilla, Van der Organizations: Maersk, Port, Unified Command, CNBC, Afp, Getty, Dali, Salvage, Francis Scott Key Bridge, North, Shipping, Imports, U.S Locations: Port of Baltimore, Baltimore, Maersk North America, Patapsco, Baltimore Harbor, Baltimore , Maryland, Port, Norfolk, Newark, Good, North America, Panama, Asia, U.S, Europe, Vietnam, China, Mexico, United States

☆ The Baltimore bridge disaster is just the latest knock to global shipping and trade
▼ + stars: | 2024-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Over the past few years, supply chain woes have repeatedly come into the spotlight. Since then, global integrated supply chain systems just seem to keep getting disrupted — be it by the COVID-19 pandemic or Russia's war in Ukraine. The domino effect is due to the "just in time" model that supply chains have been relying on for decades. Here are three key reasons why supply chains just seem to keep screwing up in recent years. Examining ongoing conflicts in the Black Sea and Red Sea respectively shows how geopolitical conflicts affect global supply chains.

Persons: —, they've, Donald Trump, Dali, Francis Scott Key, Project44, Nari Viswanathan, Viswanathan, tailspin, Julie Gerdeman, Trump, Rahul Khanna, Geoff Weiss, Allan Post, Justus Heinrich, Khanna Organizations: Service, Business, Maersk, BI, Shipping, Allianz, Allianz Commercial, Technologies Locations: China, Ukraine, Baltimore, The Port, of Baltimore, Europe, Asia, Iran, Israel, Suez, Good, Africa, Panama, El, Egypt

☆ How shipping containers can make or break the global economy
▼ + stars: | 2024-03-26 | by ( Andrea Miller | In Dreajmiller | ) www.cnbc.com time to read: +4 min

The shipping container is a logistics marvel that can affordably move thousands of items from hundreds of different companies all around the globe. Supply chain disruptionsDisruptions to global trade can have major impacts on shortages and inflation, causing serious ramifications for American households and businesses. Indeed, inflation cooled alongside the bounce back of the supply chain, according to a White House analysis of the U.S. economy. [It's] an inefficiency born not of container shipping but just of the nature of the global economy." Watch the video above to learn more about how shipping containers enable global trade, why China dominates the shipping industry and what happens after a container shortage.

Persons: Simon Heaney, John Fossey, Good Hope, John McCown, nonresident, McCown, Goetz Alebrand, " Heaney, Heaney Organizations: Drewry, CNBC, Supply, Federal Reserve Bank of San, Center for Maritime Strategy, Federal Maritime Commission, Americas, DHL Global Locations: Federal Reserve Bank of San Francisco, U.S, Iran, Good, Africa, China, Ukraine, Asia

☆ Red Sea crisis could lead to global tanker shortage, Kuwait Petroleum CEO says
▼ + stars: | 2024-03-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Mark Felix | Afp | Getty ImagesHOUSTON — The crisis in the Red Sea could lead to a shortage in the global tanker fleet if disruptions persist for another six months, the CEO of Kuwait Petroleum Corporation told CNBC. Houthi militants have been striking commercial shipping in the Red Sea since November in support of Palestinians as Israel wages war in Gaza. The company is continuing to ship through the Red Sea and is making decisions on which route ships should take on a daily basis, he said. "We maintain a strategic tanker tanker fleet for these types of reasons," al-Sabah said. Wirth told CNBC that Chevron is "not moving ships to the Red Sea."

Persons: Shaikh Nawaf Al, Mark Felix, Shaikh Nawaf, KPC, Saddam Hussein's, Michael Wirth, Wirth, CNBC's Brian Sullivan Organizations: Kuwait Petroleum Corporation, Afp, Getty, HOUSTON, CNBC, Houthi, Global, Chevron Locations: Sabah, Houston , Texas, Red, Israel, Gaza, Africa, al, Al, Persian, Kuwait, Iraq, China

☆ US-British Forces Strike Houthi Targets in Yemen, Houthi Outlet Says
▼ + stars: | 2024-03-11 | by ( March | At P.M. | ) www.usnews.com time to read: +1 min

By Mohammed GhobariADEN, Yemen (Reuters) -Yemen's port city of Hodeidah and other western coastal areas were hit on Monday by at least 17 airstrikes attributed to a U.S.-British coalition defending ships in the Red Sea, according to Al Masirah, the main Houthi-run television news outlet. The strikes follow the first civilian fatalities and vessel loss since the Iran-aligned Houthis began attacking commercial shipping in November. They also coincide with the first day of the Islamic holy month of Ramadan, a period of fasting for Muslims. The Houthis killed three crew of the Barbados-flagged, Greek-operated True Confidence on Wednesday in an attack off the port of Aden. (Reporting by Mohammed Ghobari in Aden, Adam Makary in Cairo; writing by Lisa Baertlein in Los Angeles; Editing by Kevin Liffey and Sephen Coates)

Persons: Mohammed Ghobari ADEN, Al Masirah, Houthis, Ras Issa, Mohammed Ghobari, Adam Makary, Lisa Baertlein, Kevin Liffey, Sephen Coates Organizations: British, U.S ., Hamas Locations: Yemen, Hodeidah, U.S, Red, Iran, Israel, Gaza, Ras, Barbados, Aden, Africa's, Suez, Cairo, Los Angeles

☆ Fatal Houthi rebel attack may be a ‘red line’ in Red Sea shipping crisis
▼ + stars: | 2024-03-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

The deadly strike marks a significant escalation of the Houthi attacks on ships in the Red Sea and and comes despite a US-led naval coalition to protect the crucial waterway. Fewer ships appear to be transiting through the Red Sea and adjoining Suez Canal after the latest attack, according to maritime risks analytics company Windward. According to Windward, the number of bulk carriers anchoring outside ports to the north and south of the Suez Canal surged 225% Wednesday compared with the previous day. Windward data shows that last month the number of bulk carriers in the Red Sea was already at its lowest level in two years. Just 30% of the usual shipping capacity — including container ships, bulk carriers, car carriers, and tankers carrying oil and liquefied natural gas — is still passing through the Red Sea and Suez Canal, according to Sand.

Persons: Ami Daniel, ”, Peter Sand, “, Hapag Lloyd —, Christine Lagarde, CMA CGM, Stephen Cotton, Cotton, David Ashmore, Reed Smith, John Stawpert, ” Maisie Linford Organizations: London CNN, Liberian, ” Windward, CNN, Maersk, MSC, European Central Bank, Drewry, CMA, International Transport Workers ’ Federation, International Chamber of Shipping Locations: Red Sea, Iran, Suez, Africa, Windward, Red, Norway, Sand, “, London, Good, Gulf, Aden and Red, Aden

☆ Battle for the Red Sea expands with U.S. strikes, EU stepping up its efforts against Houthis
▼ + stars: | 2024-02-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

Defense officials tell CNBC as of February 21, there have been at least 59 attacks on commercial shipping interests in the Red Sea. But the EU said the Red Sea moves reflect the need for a stronger European presence in protecting ships from Houthi attacks. Trade leaders have urged more countries to join the military effort in the Red Sea. A war of misinformation in the Red Sea crisis also continues. On February 2 in Brussels, Borrell informed Yemeni Prime Minister Bin Mubarak about the plans to launch a new EU maritime operation in the Red Sea and about its mandate.

Persons: Mason, Torm Thor, Good Hope, Peter Stano, Josep Borrell, Mark Montgomery, Sen, John McCain, Steven Lamar, Hussein, Azzi, Stano, Houthis, Borrell, Bin Mubarak, Rashad Al, Carl Bentzel, Bentzel, Tesla Organizations: European Commission, United States Central Command, Command, U.S, CNBC, European Union's Naval Force, EU, French Navy, Prosperity, Prosperity Guardian, EU Commission, Navy, Foundation, Defense of Democracies, Senate Armed, NATO, U.S . Central Command, UK, Prosperity Guardian . Trade, American Apparel and Footwear Association, Central Command, Yemeni, Presidential, Council, UN, Federal Maritime, Foreign Shipping, State Department, FMC, Walmart Locations: Aden, Iranian, Yemen, Red, Libyan Coast, Good, Somalia, European, EU, U.S, Australia, Bahrain, Canada, Denmark, Netherlands, New Zealand, Houthi, Europe, Suez, Belize, Brussels, Yemeni, United States, Egypt, Germany, Israel

☆ U.S. and British strikes on Houthi sites in Yemen answer militants’ surge in Red Sea attacks on ships
▼ + stars: | 2024-02-24 | by ( ) www.cnbc.com time to read: +8 min

The U.S. F/A-18 fighter jets launched from the USS Dwight D. Eisenhower aircraft carrier, which is currently in the Red Sea, officials said. President Joe Biden and other senior leaders have repeatedly warned that the U.S. won't tolerate the Houthi attacks against commercial shipping. During normal operations, about 400 commercial vessels transit the southern Red Sea at any given time. The Rubymar, a British-registered, Lebanese-operated cargo vessel, was attacked while sailing through the Bab el-Mandeb Strait that connects the Red Sea and the Gulf of Aden. The Associated Press, relying on satellite images from Planet Labs PBC of the stricken vessel, reported Tuesday that the vessel was leaking oil in the Red Sea.

Persons: Dwight D, Lloyd Austin, Grant Shapps, Shapps, Joe Biden, haven't, We've, Sabrina Singh, we've, Mason, Abdul Malik al, Hope Organizations: US Coast Guard, US Central Command, U.S, Eisenhower, Defense, Yemeni Armed Forces, RAF, Islander, Hamas, Houthi, Aden , U.S . Central Command, Central Command, Khorfakkan, United, Command, Associated Press, Planet Labs PBC Locations: Iran, Yemen, Tampa , Florida, United States, U.S, Gulf of Aden, British, Red, Britain, Australia, Bahrain, Canada, Denmark, Netherlands, New Zealand, Gaza, Aden , U.S, Asia, Europe, Africa, Suez, Mandeb, Gulf, Aden, Palau, Belize, Lebanese, Bulgaria, United Arab Emirates

☆ U.S. crude hovers near three-month high as Middle East conflict rages on
▼ + stars: | 2024-02-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil futures hovered near three-month highs Tuesday as the conflict in the Middle East rages on. U.S. crude gained 3% last week to settle Friday at its highest price, $79.19 a barrel, since Nov. 6. The global benchmark rose 1.5% for the week to settle at its highest price since Jan. 26. Houthi militants on Monday attacked another cargo ship in the Bab el-Mandeb strait, forcing the crew to abandon the vessel. The attack highlights the ongoing threats to commercial vessels in the Red Sea, which has forced shipping giants such as Maersk to divert cargo around the Cape of Good Hope in Africa.

Persons: Brent, Tamas Varga, PVM Organizations: The West Texas Intermediate, International Energy Agency, Monday Locations: Suez, Ismailia, Egypt, East, Israel, Lebanon, Gaza, Rafah, U.S, Iran, Red, Hope, Africa, Aden

☆ Houthis claim 'catastrophic' attack in Red Sea that prompted crew to abandon ship
▼ + stars: | 2024-02-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

The Iran-backed Houthi militant group on Sunday damaged a ship offshore Yemen, prompting its crew to abandon the vessel in the latest escalation of maritime tensions that have disrupted key trade routes in the Red Sea. Houthi militants later claimed the attack, with spokesperson Yahya Sare'e identifying the vessel as general cargo ship Rubymar and describing it as British. "The ship suffered catastrophic damage and came to a complete halt," Houthi Spokesperson Sare'e said. The hostilities have also prompted armed exchanges between Houthis and British and American forces, which have previously struck at Yemeni targets in a bid to improve maritime security. Sare'e said that the Houthis on Sunday also shot down a U.S. drone in Hodeidah.

Persons: Yahya Sare'e, Sare'e, Ice Brent, Nymex WTI Organizations: Maritime Trade Operations, CNBC, Global, Djiboutian Navy, Hamas, Maersk, Ice, U.S . Central Command, U.S . Navy, Ambrey Analytics Locations: Iran, Yemen, Red, Belize, British, U.S, Saudi, Khair, Varna, Bulgaria, Gulf, Aden, London, Gaza, Danish, Good Hope, Houthis, ., Houthi, Greece, Yemen's

☆ Shipping giant Maersk says Red Sea vessel diversions could extend into second half of 2024
▼ + stars: | 2024-02-14 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Moller-Maersk, the second-largest global ocean carrier, is advising customers to prepare for a Red Sea crisis that could stretch well into the second half of this year. "Unfortunately, we don't see any change in the Red Sea happening anytime soon," Charles van der Steene, regional president for Maersk North America, tells CNBC. After attacks on two U.S.-flagged Maersk vessels on January 24, the Maersk Detroit and Maersk Chesapeake, Maersk Line, Limited — a U.S. subsidiary of Maersk, which operates U.S.-flagged vessels independently — announced it would no longer traverse the Red Sea. The global shipping and logistics company's cautious view of the Red Sea safety conditions comes despite a U.S.-led multinational military operation in the region, Operation Prosperity Guardian. "Our advice to our customers is specifically about building upon the uncertainty by being agile," said van der Steene.

Persons: Ebba, A.P ., Kristian Helgesen, Moller, Charles van der, Good Hope, der Steene, Maersk, van der, van der Steene, van der Steen, Panama hasn't, we're Organizations: A.P, A.P . Moeller, Maersk, Bloomberg, Getty, Maersk North, CNBC, Maersk Detroit, Maersk Chesapeake, Prosperity, U.S, Gaza, Maritime Security Program, VISA, Voluntary Intermodal, U.S ., Intelligence, East, Oceania Locations: Suez, Egypt, Maersk North America, Gulf, Aden, Hangzhou, Maersk, U.S, Good, Asia, Limited's U.S, West Coast, East Coast ., East Coast, Cape Hope, Panama, Ports, Mexico, Pacific Northwest, Los Angeles, Long, China, Australia, New Zealand

☆ European travel giant Tui will leave the London Stock Exchange
▼ + stars: | 2024-02-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Tui, one of the world’s largest travel agencies, will leave the London Stock Exchange in June — the latest blow to the British capital’s longstanding reputation as the undisputed leader of Europe’s stock markets. Shareholders in the German company, which is dual-listed in London and Frankfurt, voted Tuesday to delist the firm from the London Stock Exchange. The company expects to cancel its shares on the London Stock Exchange in late June. A Tui cruise ship in Malaga port in June 2021. Jorge Guerrero/AFP/Getty ImagesHeadquartered in Hanover, Tui owns more than 400 hotels, 16 cruise ships, five airlines and 1,200 travel agencies.

Persons: London CNN —, Tui, Mathias Kiep, “, ”, Delphine Currie, Reed Smith, Jorge Guerrero, “ It’s, ” Kiep, Sebastian Ebel Organizations: London CNN, London Stock Exchange, Shareholders, ARM Holdings, …, Getty, Revenue, Canaries Locations: London, Frankfurt, United Kingdom, Germany, New York, “, Amsterdam, Paris, Malaga, AFP, Hanover, Tui, Israel, East, Egypt, Cape Verde, Mexico, Thailand, Dominican Republic, South Africa, Red Sea, Yemen

☆ Red Sea crisis: How global trade is being upended by attacks on container ships
▼ + stars: | 2024-02-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.

Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada

☆ Yemen Houthi Leader Says Group Will Further Escalate if Attacks on Gaza Do Not Stop
▼ + stars: | 2024-02-06 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

DUBAI (Reuters) - The leader of Yemen's Iran-aligned Houthis said on Tuesday that the group will further escalate if the Israeli attack on Gaza does not stop. The Houthis, who control Yemen's capital and most populous areas, have attacked international shipping in the Red Sea since November in what they say is solidarity with Palestinians, drawing U.S. and British retaliatory strikes since last month. The attacks are disrupting maritime trade in one of the world's busiest corridors as freight firms reroute around the Cape of Good Hope to avoid the Suez Canal. The group fired naval missiles at two ships in the Red Sea on Tuesday, its military spokesman said, causing damage to Greek-owned Star Nasia and British-owned Morning Tide. War in Israel and Gaza View All 194 ImagesSpokesman Yahya Sarea identified the Greek-owned, Marshall Islands flagged Star Nasia as American.

Persons: Yemen's, Houthis, Abdul Malik al, Houthi, Yahya Sarea, Ahmed Elimam, Nayera Abdallah, Peter Graff Organizations: Reuters, Tide, Marshall Islands Locations: DUBAI, Yemen's Iran, Gaza, Red, Suez, Israel, India

☆ Oil prices rise as traders weigh Gaza truce talks, U.S. tensions with Iran
▼ + stars: | 2024-02-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices rose Tuesday as investors weighed efforts to negotiate a truce in Gaza against a U.S. vow to take further action against militants in the Middle East. Blinken is consulting with allies in the region in an effort to secure a truce in Gaza and prevent the war from spilling over in to a broader regional conflict. Blinken's trip to the region comes after the U.S. again launched airstrikes against Iranian forces and allied militants in Iraq, Syria and Yemen over the weekend. White House National Security Advisor Jake Sullivan said Sunday that the U.S. will take additional, "further action" after the latest weekend strikes. "The heightened tension will undoubtedly entail renewed Houthi hostilities in the Red Sea ensuring persistent re-routing of oil traffic around the Cape of Good Hope," Varga wrote.

Persons: Brent, Antony Blinken, Blinken, Jordan, Jake Sullivan, Tamas Varga, Varga, Good Hope Organizations: Palestinian, Hamas, The West Texas Intermediate, Iranian, White, National Locations: Rafah, Gaza, Israel, The, Egypt, Saudi, U.S, Iraq, Syria, Yemen, Iran, Good

☆ Taiwan Says Trade Not Being Much Affected by Red Sea Disruptions
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

TAIPEI (Reuters) - Taiwanese companies are not being affected much by disruptions to the key shipping lane of the Red Sea as it has coincided with the traditional low season in demand for exporters, Economy Minister Wang Mei-hua said on Monday. Some shipping companies have suspended transit along the Red Sea route to avoid being attacked by Yemen's Iranian-backed Houthi group, which has launched waves of exploding drones and missiles at vessels since November in response to Israel's military operations in Gaza. The Houthi attacks have primarily targeted container vessels moving through the Red Sea. Taiwanese container shipping line Evergreen Marine said in December that ships scheduled to pass through the Red Sea would be rerouted around Africa's Cape of Good Hope. Speaking to reporters in Taipei, Wang said her ministry had spoken with 14 industry groups as well as companies to gauge the impact of the Red Sea disruptions.

Persons: Wang Mei, Good Hope, Wang, Ben Blanchard, Sonali Paul Organizations: Evergreen Locations: TAIPEI, Gaza, Africa's, Good, Taipei, Israel, Europe, Ukraine, Taiwan

☆ Red Sea tensions risk significantly higher inflation, OECD warns
▼ + stars: | 2024-02-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

watch nowElevated shipping costs as a result of ongoing tensions in the Red Sea could impede the global fight against inflation, the Organisation for Economic Co-operation and Development said Monday. The Paris-based group estimates that the recent 100% rise in seaborne freight rates could increase import price inflation across its 38 member countries by nearly 5 percentage points if they persist. That could add 0.4 percentage points to overall price rises after a year, the OECD said in its latest economic outlook. Clare Lombardelli, chief economist at the OECD, told CNBC on Monday that a sustained increase in inflation as a result of the latest crisis is a risk, but not the group's base case. "It's something we're watching closely ... we have seen an increase in shipping prices, if that were to continue for for an extended period, then that would feed through into consumer price inflation.

Persons: Ahmed Gomaa, Clare Lombardelli, Lombardelli, Tiemen Meester, it's, Meester Organizations: Organisation for Economic Co, Development, OECD, Xinhua News Agency, Getty, CNBC Locations: Paris, Suez, Europe, Asia, Iran, Yemen, United States, Ismailia Province, Egypt, Good, Africa, Dubai

☆ U.S. and Britain strike Yemen's Houthis in a new wave, retaliating for attacks by Iran-backed militants
▼ + stars: | 2024-02-03 | by ( ) www.cnbc.com time to read: +7 min

Yemen's Houthi followers take part in a tribal parade held against the United States-led aerial attacks launched on sites in Yemen, and solidarity with Palestinians, on January 22, 2024, near Sana'a, Yemen. The Defense Department said the strikes targeted sites associated with the Houthis' deeply buried weapons storage facilities, missile systems and launchers, air defense systems and radars. Saturday's strikes marked the third time the U.S. and Britain had conducted a large joint operation to strike Houthi weapon launchers, radar sites and drones. Iran has tried to distance itself from the drone strike, saying the militias act independently of its direction. Mosawi said the targeted sites in Iraq were mainly "devoid of fighters and military personnel at the time of the attack."

Persons: Yemen's, Dwight D, Lloyd Austin, Eisenhower, Carney, Hope, Bab, Jordan, Hussein, Mosawi, Rami Abdurrahman, Bassim, Awadi Organizations: Iranian Revolutionary Guard, Eisenhower, USS Carney, Associated Press, Defense Department, U.S, Human Rights, Islamic, Iraq, Israel Locations: United States, Yemen, Sana'a, Britain, Iran, Israel, Iraq, Syria, Jordan, U.S, Gulf of Aden, Australia, Bahrain, Canada, Denmark, Netherlands, New Zealand, Washington, Tehran, Sanaa, SABA, al, Gulf, Aden, Africa, Suez, Mandeb, Iranian, Baghdad, Gaza, Iraqi

☆ Trump Would Not Reappoint Powell as Fed Chief
▼ + stars: | 2024-02-02 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Former President Donald Trump said he would not reappoint Federal Reserve Chair Jerome Powell if Trump wins this year's presidential election, the Republican frontrunner told Fox Business in an interview aired Friday. "No I wouldn't," Trump said in response to a question on whether he would reappoint Powell, whose second four-year term as chair will expire in 2026. Trump said he believes Powell is going to lower interest rates to help President Joe Biden's prospects for re-election. "I think he’s going to do something to help the Democrats, if he lowers interest rates,” Trump said. Biden, a Democrat who beat Trump in the 2020 White House race, reappointed Powell to a second term in 2021.

Persons: Donald Trump, Jerome Powell, Trump, reappoint Powell, Powell, Joe Biden's, ” Trump, Biden, Dan Burns, Doina, Chizu Nomiyama Organizations: Reuters, Trump, Republican, Fox Business, White, Fed Locations: U.S, Iranian, Suez, Asia, Europe, South Africa

☆ Demand for shipments from China via rail through Russia has 'skyrocketed' since the Red Sea attacks
▼ + stars: | 2024-02-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +6 min

And — while it only represents a very small proportion of containers moved between the Far East and Europe — rail routes via Russia have seen an uptick in interest too. Rail through RussiaFirms have raised concerns about sending goods via rail through Russia, Sciglaite said. A train engine pulls carriages that started their journey in Yiwu, China into Barking rail freight terminal on January 18, 2017 in the U.K. Igor Tambaca, managing director of Rail Bridge Cargo, a Dutch logistics company, said China-Europe rail route bookings were up 37% over the past four weeks. Tambaca said the cost of sending one forty-foot container (FEU) from China to Europe via rail is currently around $7,900.

Persons: Liu Wenhua, Julija, RailGate, Hapag Lloyd, Sciglaite, Dan Kitwood, Igor Tambaca, Tambaca, Maria Magdalena Pavitsich, Pavitsich, Vladimir Putin, Davies Turner Organizations: China News Service, Getty, Air, CNBC, Rail, Cargo, OBB Rail Cargo Group, FEU, Initiative, British Locations: China, Europe, Russia, Manzhouli, Vietnam, Xeneta, East, European, Rotterdam, South Africa's, Ukraine, Yiwu, Barking, Kazakhstan, Belarus, Poland, Germany, Belgium, France, Red, Dutch, Turkey, Austrian, Asia, Xian, Chengdu, Suez, Africa, Moscow, Central Siberia, Beijing, Wuhan, Duisburg

☆ 'The shooting has to stop': World's biggest shipping company pleads with Congress to help end Houthi Red Sea chaos
▼ + stars: | 2024-01-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Ralby stressed the crisis in the Red Sea is not just a U.S. problem, but recent attacks by the U.S. military have led to greater targeting of its vessels. After those attacks, Maersk announced it would no longer be transiting the Red Sea. MSC announced on December 17 that it would divert its services that would typically transit the Red Sea and the Suez Canal around the Cape of Good Hope. Sailing around the Cape of Good Hope to avoid the Red Sea adds one to two weeks to a one-way shipping journey relative to the Red Sea and Suez Canal. Rising freight costs were a big component of inflation during Covid and the Red Sea crisis has renewed fears that another bout of supply chain-triggered inflation could occur.

Persons: Ralby, Ian Ralby, Darr, Charles, Bud, Salud Carbajal, Biden, Hapag Lloyd, Bab, Good Hope, Jon Gold, Phillips, Ralph Lauren, Levi Strauss, Gold Organizations: U.S, Mediterranean Shipping Company, U.S . Navy, Coast Guard, Maritime Transportation, MSC, Senate Foreign Relations Committee, Maersk, Maersk Detroit, Maersk Chesapeake, Navy, Intelligence, Suzuki, Volvo, Michelin, Ikea, National Retail Federation, Bank of America, Van Heusen Corporation, Birkenstock, Capri Holdings, Nike, Corp Locations: Suez, Ismailia, Egypt, Yemen, U.S, Iran, Gulf, Aden, Maersk, Good, Europe's, Asia, Europe, Vietnam

UNITED NATIONS (AP) — The U.N. trade body sounded an alarm Thursday that global trade is being disrupted by attacks in the Red Sea, the war in Ukraine, and low water levels in the Panama Canal. Since November, the Iranian-backed Houthis have launched at least 34 attacks on shipping through the waterways leading to the Suez Canal. Total transits through the Panama Canal in December were 36% lower than a year ago, and 62% lower than two years ago, Hoffmann said. Hoffmann said ships transporting liquified natural gas have stopped transiting the Suez Canal altogether because of fears of an attack. “Here you see the global impact of the crisis, as ships are seeking alternative routes, avoiding the Suez and the Panama Canal,” Hoffmann said.

Persons: Jan Hoffmann, Yemen’s Houthi, Hoffmann, Yemen’s, ” Hoffmann Organizations: UNITED NATIONS, United Nations Conference, Trade, UNCTAD, Suez, U.N, Ships Locations: Red, Ukraine, Panama, Suez, Asia, Europe, Iranian, Saudi, Israel, United States, Britain, Geneva, Russia, East Africa, South Asia, Southeast Asia, East Asia, Hope, Africa, Shanghai, U.S

☆ Shipping Costs Soar in Wake of Red Sea Attacks
▼ + stars: | 2024-01-24 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

For shipping companies, costs have already increased. A composite measure of global shipping costs, the Drewry World Container Index, has more than doubled since late last year. The rise is partly tied to a shortage of empty shipping containers, caused by the up to two weeks of additional time for trips going around Africa’s Cape of Good Hope. And using the Red Sea now requires expensive war risk insurance. It’s a specialty that a group of brokers and underwriters centered around London offer.

Persons: Good Hope Organizations: Container, underwriters Locations: Red, Suez, Africa, Drewry, Africa’s, Good, London

BEIJING (AP) — China, the world’s biggest exporter, says it is deeply concerned about tensions in the Red Sea that have upended global trade by forcing many shippers to avoid the Suez Canal. Political Cartoons View All 253 Images“We are deeply concerned about the recent escalation of the Red Sea situation. The Red Sea is an important international trade route for goods and energy,” Wang said. Some of the world’s largest container shipping companies and oil giant BP have been sending vessels on longer journeys around Africa that bypass the Red Sea. In response to the growing impact on global trade, the United States and a host of other nations have created a new force to protect ships.

Persons: Wang Wenbin, ” Wang, Yemen’s, Israel —, Wang, Good Hope, “, ” Organizations: BEIJING, Foreign, Kiel Institute, Washington, U.S, United Nations Security Locations: China, Suez, Iran, Red, Iranian, Asia, Europe, Sanaa, Saudi, Israel, Gaza, United States, Africa, Good, Drewry, Germany, U.S, Iraq, Syria, Red Sea, Saudi Arabia, East, Beijing, Yemen

☆ As more tankers divert from Suez Canal, there's a 'sea change' in way Europe is buying crude
▼ + stars: | 2024-01-23 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Al HUDAYDAH, YEMEN - JULY 17: Yemen's replacement oil tanker Nautica floats over its arrival to Al Hudaydah port in the Red Sea on July 17, 2023 in Hudaydah, Yemen. (Photo by Mohammed Hamoud/Getty Images)Energy prices for Europe are expected to increase as more petroleum products and crude tankers are diverting away from the Rea Sea and Suez Canal. They would rather go around the Cape of Good Hope versus taking a chance through the Red Sea." LNG vessels travel faster than oil tankers because they are lighter and they can sail up to 21 knots versus the 12-13 knots for crude tankers. Before the Red Sea disruptions, a tanker from Jamnagar, India to Rotterdam, Netherlands would have taken 24 days.

Persons: Al, Mohammed Hamoud, Rea, Viktor Katona, Good Hope, It's, Katona Organizations: United Nations, Europe, U.S, Good Locations: Al HUDAYDAH, YEMEN, Al Hudaydah, Hudaydah, Yemen, Sana'a, Europe, Suez, Brazil, Africa's, Good, Israel, Jamnagar, India, Rotterdam, Netherlands, Basrah, Iraq, Milazzo, Sicily

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