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☆ Another Wayward Container Ship Shows World Trade’s Fragility
▼ + stars: | 2024-03-27 | by ( Peter S. Goodman | ) www.nytimes.com time to read: +1 min

Between swirling geopolitical winds, the variables of climate change and continued disruptions resulting from the pandemic, the risks of depending on ships to carry goods around the planet were already conspicuous. The pitfalls of relying on factories across oceans to supply everyday items like clothing and critical wares like medical devices were at once vivid and unrelenting. Off Yemen, Houthi rebels have been firing missiles at container ships in what they say is a show of solidarity with Palestinians in the Gaza Strip. In Central America, a dearth of rainfall, linked to climate change, has limited passage through the Panama Canal. That has impeded a crucial link between the Atlantic and the Pacific, delaying shipments to the East Coast of the United States from Asia.

Organizations: Atlantic, Pacific Locations: Baltimore, Patapsco, American, Yemen, Gaza, Suez, Asia, Europe, Africa, Central America, Panama, East Coast, United States

☆ Oil holds steady as Ukraine drone strikes, Red Sea crisis cause disruptions
▼ + stars: | 2024-03-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The Charles Eddie, a crude oil tanker owned by Euronav SA, a Belgian shipping company, sails northbound on the Suez Canal in Ismailia, Egypt. Crude oil futures held steady on Tuesday as the wars in Eastern Europe and the Middle East disrupt supplies. Ukraine has escalated its drone strikes against Russian oil refineries, knocking an estimated 900,000 barrels per day of capacity offline, according to Goldman Sachs. The disruptions' impact on crude prices will likely be mixed, with a decline in refinery demand bearish while a potential reduction in Russian oil exports bullish, Goldman noted. The Red Sea disruptions combined with Russian shipping frictions has given crude prices up to a $4 boost per barrel due to larger than expected draws from commercial stocks, according to Goldman.

Persons: Charles Eddie, Brent, Goldman Sachs, Goldman Organizations: Euronav SA, The West Texas Intermediate Locations: Belgian, Suez, Ismailia, Egypt, The, Eastern Europe, Ukraine

☆ ‘A Lot of Chaos’: Bridge Collapse Creates Upheaval at Largest U.S. Port for Car Trade
▼ + stars: | 2024-03-26 | by ( Peter Eavis | Jenny Gross | ) www.nytimes.com time to read: +1 min

The Baltimore bridge disaster on Tuesday upended operations at one of the nation’s busiest ports, with disruptions likely to be felt for weeks by companies shipping goods in and out of the country — and possibly by consumers as well. The upheaval will be especially notable for auto makers and coal producers for whom Baltimore has become one of the most vital shipping destinations in the United States. “It’s going to cause a lot of chaos,” said Paul Brashier, vice president for drayage and intermodal at ITS Logistics. Last year, 570,000 vehicles were imported through Baltimore, according to Sina Golara, an assistant professor of supply chain management at Georgia State University. “That’s a huge amount,” he said, equivalent to nearly a quarter of the current inventory of new cars in the United States.

Persons: Francis Scott Key, It’s, ”, Paul Brashier, Sina Golara, “ Organizations: Baltimore, Baltimore . Ships, ITS Logistics, Georgia State University Locations: Baltimore, United States, Port of Baltimore, Panama, Suez, Red

☆ Cars, sugar and cruises: How the Port of Baltimore closure could hurt the economy
▼ + stars: | 2024-03-26 | by ( Mark Thompson | Chris Isidore | ) edition.cnn.com time to read: +8 min

The Port of Baltimore said in a post on X that vessel traffic was suspended until further notice, but trucks were still being processed at its terminals. It said it would discharge cargo destined for Baltimore in other ports nearby, but Maesrk warned customers that could mean delays. Closer to the Midwest than any other port on the East Coast, Baltimore is a major hub for vehicles, containers and commodities. Baltimore ranks first among US ports for autos and light trucks, handling a record 850,000 vehicles last year. While many of the 30,000 to 35,000 cars and trucks that used the Key Bridge daily can be rerouted through the two nearby tunnels, that will cause traffic delays.

Persons: Dali, Judah Levine, ” Maersk, “, VW, Oren Klachkin, Levine, Mark Zandi, ”, Zandi, Wes Moore, Joe Biden, Francis Scott Key, Tasos Katopodis, — Moore, Emily Stausbøll, Matt Lupoli, Hanna Ziady, Peter Valdes, Rob North, Sugam Pokharel Organizations: New York CNN, Baltimore, Atlantic, Nationwide Financial, US, Moody’s, Maryland Gov, Rebuilding, Francis Scott Key Bridge, Domino, Company, Royal Caribbean, Cruises, Cruise, Cruise Lines International Association, Royal Locations: London, New York, Port, Baltimore, East Coast, Singapore, East Coast , Baltimore, Philadelphia, Norfolk, of New York, New Jersey, Asia, Africa, Suez, Maryland, Patapsco, Rebuilding Baltimore, Baltimore , Maryland, Tasos, “, Norway, Royal Caribbean

☆ Logistics companies scramble after bridge collapse closes Port of Baltimore until further notice
▼ + stars: | 2024-03-26 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed, Baltimore, Maryland, on March 26, 2024. At the time of the collision, the vessel had two pilots from the Port of Baltimore on board. The steel frame of the Francis Scott Key Bridge lies in the water after it collapsed in Baltimore, Maryland, on March 26, 2024. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. "The collapse of the Baltimore bridge primarily affects coal exports from CNX and CSX terminals," said Madeleine Overgaard, dry market data manager for the global trade data platform Kpler.

Persons: Francis Scott Key, Dali, Roberto Schmidt, Paul Brashier, Brashier, Goetz Alebrand, Wes Moore, Larry, Richard Meade, Meade, Kena Betancur, Andy Lipow, Lipow, Helen Delich Bentley, Judah Levine, Madeleine Overgaard, Levine, Tasos Katopodis Organizations: Afp, Getty Images Logistics, Port, Eastern Seaboard, ITS Logistics, Getty, Americas, DHL Global, Maryland Gov, Baltimore, AFP, Uber Freight, IKEA, Lipow Oil Associates, Maersk, Freightos, CSX, East, Francis Scott Key Bridge Locations: Baltimore , Maryland, Baltimore, New York, New Jersey, Norfolk, Port of Baltimore, Colombo, Sri Lanka, Port, American, Taicang Port, Suzhou, China's, Jiangsu, East Coast, Norfolk , Virginia, Maryland, Midwest, New England, Virginia, North East , Maryland, Gulf Coast, Philadelphia, Suez, CNX, Freightos, Asia, U.S

☆ A trucking and rail strategy that boomed during pandemic shocks is heating up again
▼ + stars: | 2024-03-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

The shift in the volume of freight being moved from the East Coast to the West Coast was first highlighted in February in the ITS Port Rail Ramp Freight Index. He said the disruptions from the Suez Canal and Panama Canal have contributed to an almost 20% increase into the West Coast ports. "For our ports, transloading containers is always going to happen and we have the capacity to do more." The West Coast container volume rebound will also have a ceiling. "We probably don't get to the historical 10-year levels of West Coast market share versus East Coast share," Chan said.

Persons: Michael Aldwell, Kuehne + Nagel, Chris Sikora, CH Robinson, Sikora, Tim Robertson, transloading, Paul Brashier, We're, Brashier, Bryan Kempisty, Matt Schrap, Bruce Chan, Chan, CH, Bascome Majors, J.B, Hunt, Schneider, JB Hunt, Jason Seidl, Knight, Swift, Seidl, Larry Organizations: Getty, U.S, Logistics, CNBC, Kuehne, Transportation Intelligence, . Logistics, DHL Global, ITS, Rail, ITS Logistics, Department of Transportation's, PortX Logistics, Harbor Trucking, J.B, Susquehanna International Group, Hub Group, Schneider, Union Pacific, Cowen Group, Universal Logistics Holdings, East, International Longshoremen's Association, Surface Transportation, Canadian Pacific, Kansas City Southern, Uber, Uber Technologies Locations: West Coast, East Coast, Panama, East, Red, Gulf, transload, transloading, West, Suez, Hunt, CH Robinson, Sea, Mexico, Kansas, Mobile , Alabama, Coatzacoalcos, Veracruz, Gulf of Mexico

☆ India's inflation, growth at risk from Red Sea crisis-driven oil price rise, government says
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: +1 min

India's national flag flaps next to the 'National Emblem' at the newly constructed Indian parliament building after the flag hoisting ceremony in New Delhi on Sept.17, 2023. India's inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea, the government said on Friday, highlighting the need to diversify trade routes. A combination of high freight costs, insurance premiums and long transit times can make imported goods "significantly more expensive", India's finance ministry said in its monthly economic review. India's shipments of agricultural commodities, textiles, chemicals, capital goods, marine and petroleum products may be impacted due to the disruptions, and affect the price competitiveness of exports. "To effectively address these challenges, there may be a need to diversify trade routes and transportation options," the finance ministry said.

Persons: Yemen's Locations: New Delhi, Red, Europe, Suez, Africa

The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea in this photo released November 20, 2023. The large numbers mean Filipinos are disproportionately exposed to the dangers posed by Houthis targeting ships in the Red Sea. Two Filipino crew members remain in Djibouti to receive medical treatment. Most of the Filipino crew members on board returned to Manila on Tuesday, reuniting with their families after their ordeal at sea. It’s very painful for us, especially for the families,” Mark Dagohoy, one of the ship’s crew members, told journalists after their return.

Persons: It’s, “ There’s, ”, Eduardo de Vega, Israel, Houthis, “, Al, ” Houthi, Nasr Al, Din Amer, De Vega, de Vega, They’re, Mohammed Al, it’s, Ray Car, Abraham Ungar, Eloisa Lopez, Houthi, Yahya Sarea, ” Mark Dagohoy, Celine Alkhaldi, Paul P, Murphy Organizations: CNN, Galaxy Leader, Houthi Military Media, Reuters, Philippines, Yemeni, Nippon, Ray, Ray Car Carriers, Ambrey Analytics, Ambrey, Indian Navy, Manila International Airport, “, Liberian, Financial Times, Oaktree Locations: Filipino, Gaza, Red, Romanian, Iran, Yemen, Cairo, Philippines, Aden, Saudi, Hodeidah, Suez, Africa, Bab, Mandab, United States, Britain, Djibouti, Manila

☆ Russia's grand railway plan to get around Western sanctions is about to get even bigger
▼ + stars: | 2024-03-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

And it's now also linking south toward India and countries in the Persian Gulf, the New York Times reported on Wednesday. AdvertisementIn addition, Russia is also restoring another railway line that would allow it to access Turkey, the Times reported on Wednesday. Russia's push for rail freight follows two years of Western sanctions against the country over its war in Ukraine. The restrictions hit Russia's trade with Europe, traditionally its single largest market. AdvertisementAs Ram Ben Tzion, the CEO of freight vetting platform Publican, told the Times, Russia is creating "a trade route for the pariahs."

Persons: —, it's, Ram Ben Tzion, David Szakonyi, Szakonyi Organizations: Service, Bloomberg, New York Times, Times, Business, Reuters, West, George Washington University, Profit Locations: Russia, Moscow, China, India, Persian, Iran, Mumbai, Suez, Turkey, Ukraine, Europe, Policymaking, Russian, Crimea

☆ The great YouTube exodus is coming — leaving AI junk and MrBeast to reign supreme
▼ + stars: | 2024-03-12 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +12 min

Read previewWhen MatPat announced he would leave behind his renowned YouTube channel The Game Theorists this year, he also had a prediction: 2024 will be the year we see a mass exodus from the platform. Speaking with the Guardian, he said he'd seen many of his peers reducing how much time they were dedicating to YouTube. AdvertisementJenna Marbles said goodbye to her YouTube channel back in 2020 after criticism over her old content. Hannah Witton / YouTubeScaling up in an AI worldWitton said she's always been aware of the "growth trap" creators can fall into. "I've seen cheap five-second videos of just an AI voice reading a summary of a movie," Tran said.

Persons: —, MatPat, YouTubers, Jenna Marbles, Tyler Oakley, Tanya Burr —, Zoe Sugg, Lilly Singh, Dave Kotinsky, Matthew Patrick, Patrick, Stephanie, Tom Scott, he'd, Zoe Glatt, Glatt, YouTube's, Ollie, He's, Hannah Witton, it's, you've, Witton, she's, we've, Christine Tran, Tran, Emma Chamberlain, Jacopo Raule, That's, It's Organizations: Service, YouTube, Business, Media, Guardian, University of Toronto Locations: Suez, Witton

☆ 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

☆ Crew members killed for first time in Houthi attack on commercial ship in Red Sea, US official says
▼ + stars: | 2024-03-06 | by ( Natasha Bertrand | ) edition.cnn.com time to read: +3 min

CNN —A Houthi ballistic missile attack on a commercial ship in the Gulf of Aden resulted in at least two fatalities among the crew members, two US officials told CNN, marking the first time that the Iran-backed militant group has killed anyone as part of their ongoing attacks on ships transiting the Red Sea. The attack struck the M/V True Confidence, a Barbados-flagged, Liberian-owned bulk carrier, the officials said. The ship has since been abandoned and coalition warships are now in the area assessing the situation, the officials said. The strike marks a significant escalation of the Houthi attacks on Red Sea shipping, which began in October in response to Israel’s war in Gaza. The passage links the Red Sea with the Mediterranean Sea, allowing ships to cut thousands of miles off shipping routes instead of sailing around Africa.

Persons: Pete Nguyen, Nguyen, Biden, Sabrina Singh, ”, “, Dwight D Organizations: CNN, Liberian, Naval, US, Defense Department, US Central Command, Houthi, Pentagon, Eisenhower, United Nations Locations: Gulf, Aden, Iran, Barbados, Gaza, Red, Yemen, Suez, Africa

☆ I.M.F. Agrees to Much Larger Rescue Package for Egypt
▼ + stars: | 2024-03-06 | by ( Nada Rashwan | ) www.nytimes.com time to read: 1 min

The International Monetary Fund has agreed to more than double a bailout package for Egypt, which is going through its worst economic crisis in decades, exacerbated by war in the neighboring Gaza Strip and in Ukraine. The fund now plans to provide Egypt $8 billion, up from an initial $3 billion announced in October 2022. The I.M.F.’s mission chief to Egypt, Ivanna Vladkova Hollar, noted at a news conference that the already-struggling Egyptian economy had been further hurt by the conflict between Israel and Hamas, which has cut into the country’s vital tourism trade. At the same time, revenue from the Suez Canal dropped by half after Houthi militants, who say they are acting in solidarity with Palestinians in Gaza, began attacking cargo ships using Red Sea shipping routes.

Persons: Ivanna Vladkova Hollar Organizations: Monetary Fund Locations: Egypt, Gaza, Ukraine, Israel, Suez

☆ Ship sunk by Houthis threatens Red Sea environment, Yemen government and US military say
▼ + stars: | 2024-03-03 | by ( ) www.cnbc.com time to read: +3 min

CARGO SHIP RUBYMAR, RED SEA -- MARCH 1, 2024: Maxar closeup view satellite imagery of the cargo ship Rubymar - just before sinking after being targeted by Houthi rebels last month. The Iran-aligned Houthis, who control the north of Yemen and other large centres, say their campaign is a show of solidarity with Palestinians in Gaza. The Rubymar went down in the southern Red Sea late on Friday or early on Saturday, according to statements from the Yemen government and CENTCOM. "An urgent plan should be adopted by countries of the Red Sea to establish monitoring agenda of the polluted areas in the Red Sea as well as adopt a cleanup strategy," he said. The ecosystem of the southern Red Sea features pristine coral reefs, coastal mangroves and diverse marine life.

Persons: Houthi, CENTCOM, Ahmed Awad bin Mubarak, Ali Al, Al, Tony Wang Organizations: RED SEA, U.S . Central Command, U.S ., Marine, University of Jordan, Department of Earth, Environmental Sciences, Boston College, United Nations Locations: Iran, Yemen, Gaza, U.S, Belize, Africa, Red, United States, Britain, Suez, Aden, Saudi Arabia, United

☆ 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

☆ US and UK carry out fourth round of coalition strikes against at least a dozen Houthi targets in Yemen
▼ + stars: | 2024-02-24 | by ( Oren Liebermann | Haley Britzky | ) edition.cnn.com time to read: +4 min

The strikes include at least dozens of targets across multiple locations in Yemen, according to one of the officials, including targets in the capital Sanaa and elsewhere. The targets included Houthi weapons, radar sites, command and control center, as well as underground weapons storage facilities. Earlier this month, the Pentagon said that the continued strikes against Houthi targets in Yemen, which began in January, have destroyed more than 100 missiles and launches, including anti-ship missiles, drones, radars and more. It is also extremely expensive and impractical, some officials note, to keep firing multimillion-dollar missiles at cheap Houthi drones and missiles. CORRECTION: This story has been updated to correct the number of strikes carried out against Houthi targets in Yemen.

Persons: Aden –, Sabrina Singh, ” Singh, “, ” Organizations: CNN, Pentagon, United Nations, Command, US Locations: United States, United Kingdom, Yemen, Iran, Aden, Gaza, Suez, Africa, Gulf, Belize

☆ 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

☆ Opinion: Conflict is the new normal
▼ + stars: | 2024-02-23 | by ( Fareed Zakaria | ) edition.cnn.com time to read: +6 min

Editor’s Note: Fareed Zakaria is the host of Fareed Zakaria GPS, airing at 10 a.m. and 1 p.m. But conflict is the new normal. The war is going badly for Ukraine, which is critically outgunned and outmanned by its much larger adversary. The IDF’s goal is to weaken Hezbollah to the point that the roughly 80,000 Israelis who fled their homes in northern Israel can return. At some point, Hezbollah might respond forcefully, which could trigger an Israeli incursion into Lebanon, truly widening the war.

Persons: Fareed Zakaria, Fareed, Read, Vladimir Putin, Benjamin Netanyahu’s, Netanyahu, Amir Levy, —, don’t Organizations: CNN, Fareed’s, European, Gulf, Israel Defense Forces, United, British Navy, Republicans Locations: Ukraine, Europe, Russia, European, North Korea, Cuba, China, India, Turkey, Gulf States, Gaza, Hamas, British, Palestinian, Israel, Lebanon, North, Suez, United States, Red

☆ Why the captain of a US Navy aircraft carrier fighting in the Red Sea is always posting about things like Taco Tuesday and cookies
▼ + stars: | 2024-02-22 | by ( Jake Epstein | ) www.businessinsider.com time to read: +6 min

The USS Dwight D. Eisenhower is the flagship of the strike group handling the US Navy response to the Houthis. AdvertisementThe Wi-Fi aboard the aircraft carrier USS Dwight D. Eisenhower isn't exactly the best, but for Capt. AdvertisementThe efforts to keep morale up come as the Dwight D. Eisenhower carrier strike group confronts a variety of threats, including some no one has ever faced in combat before, in a kinetic weapons-engagement environment. Captaining a flagship carrier in this situation is no easy task, but Hill has a lot of Navy experience to lean on. Among other things, he has served as the executive and commanding officer of an airborne command & control squadron, a TOPGUN instructor, the executive officer of the aircraft carrier George H.W.

Persons: Dwight D, Eisenhower, Chris Hill, —, Hill, Ike, George H.W, George H.W . Bush, Joe Boggio, We’ve, “, San, John Bellino Hill Organizations: Service, Tuesday, Business, Navy, US European Command, US Navy, US, Eisenhower, Taco, Legion, Islamic Locations: Red, Iran, Yemen, Massachusetts, Suez, East, George H.W ., Gulf of Aden, @ChowdahHill, San Antonio, Arlington, Afghanistan, Islamic State

☆ 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

☆ The Kremlin has never been richer – thanks to a US strategic partner
▼ + stars: | 2024-02-19 | by ( Nick Paton Walsh | Florence Davey-Attlee | ) edition.cnn.com time to read: +9 min

It amounts to US strategic partner New Delhi stepping in to replace crude purchases by Western buyers, reduced by sanctions over Russia’s invasion of Ukraine, the analysis said. The United States led a coalition of countries in late 2022 that agreed to a “price cap,” undertaking not to buy Russian crude above $60 a barrel. Those nations also forbade their shipping companies and insurance firms – key players in global shipping – from facilitating the trade of Russian crude above that price. “The price cap was the real trigger for the creation of the shadow fleet,” said Viktor Katona, head of crude oil analysis at trade research firm Kpler. It will be $150.”India’s complex role in global oil trade is also reflected in the fate of the oil products Russian crude is turned into.

Persons: they’re, ”, David Tannenbaum, Viktor Katona, Tannenbaum, ” Ami Daniel, Vladimir Putin, Howard Shatz, Singh Puri, Rosneft, Daniel, I’m Organizations: CNN, Centre for Research, Energy, Clean, Star, Pole Star, US Treasury, United, Pole Star Global, European Union, RAND, India’s, Petroleum, Natural Gas, CNBC, Nayara, Kremlin Locations: Russia, Ukraine, India, United States, Delhi, Moscow, Laconian Gulf, Greece, Suez, Russian, Kyiv, Vadinar

☆ Red Sea attack-fueled ocean freight inflation is starting to ease on key global trade routes
▼ + stars: | 2024-02-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Future Publishing | Future Publishing | Getty ImagesThe Red Sea crisis has fueled a sharp spike in ocean freight inflation over the past two months, but there are signs that upward pressure on shipping rates on key trade routes may have peaked. Shipping rates on ocean routes from Asia to the U.S. are beginning to decline, based on analysis of the latest cargo data from Xeneta, a leading ocean and air freight benchmarking platform. The reversal in ocean freight pricing comes despite a maritime threat to global commercial shipping companies that shows no signs of waning. The timing of the rate decreases could influence new contracts in negotiations between ocean freight carriers and shippers at the beginning of March. "Either way, the next few weeks is crunch time for both ocean freight carriers and shippers and could define their fortunes for the rest of 2024."

Persons: Emily Stausbøll, Stausbøll Organizations: Future Publishing, Shipping, United Kingdom Maritime Trade, CNBC, FEU, U.S ., U.S Locations: Qingdao, Shandong province, Asia, Xeneta, Europe, U.S, East Coast, West Coast, Aden, Yemen, West, East, U.S . West Coast, Covid, Africa, Suez

☆ 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

☆ Opinion: What Iran wants — and fears
▼ + stars: | 2024-02-13 | by ( Opinion Hussein Ibish | ) edition.cnn.com time to read: +7 min

Iran has backed Hezbollah’s efforts to avoid an all-out war with Israel despite consistent Israeli escalation and threats. Hezbollah doesn’t want a war with Israel and Iran agrees. The potential for such US or Israeli airstrikes is among the most significant reasons Iran wants to avoid a broader conflict. Tehran has already restrained its Iraqi proxies, is working to help Hezbollah climb down and avoid a devastating Israeli attack. And Iran is probably urging the Houthis to take great care not to kill Americans or otherwise go too far.

Persons: Hussein Ibish, Read, Hussein Ibish It’s, Biden, Israel, Kataib, Saleh Al, Wissam, Amos Hochstein, Ebrahim Raisi, Shannon Stapleton, It’s Organizations: Gulf States Institute, Israel, CNN, Washington, Radwan Force, Iranian Locations: Washington, Iranian, Iran, Iraq, Syria, Lebanon, Gaza, Yemen, United States, Saudi Arabia, Russia, China, Saudi, That’s, Israel, Jordan, Hezbollah’s, Beirut, Tehran, Yemeni, Suez, Strait, Hormuz, Bab, Mandab

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