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☆ Stocks making the biggest moves premarket: Disney, PayPal, Arm and more
▼ + stars: | 2024-02-08 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Ralph Lauren reported earnings of $4.17 per share, excluding items, while analysts surveyed by FactSet expected earnings of $3.57 per share. The company, which is anticipating soft sales growth this year, also announced a $1 billion share buyback program. Arm Holdings — The chipmaker's stock soared more than 28% after it reported a fiscal third-quarter earnings beat . Apollo Global Management — Shares rose nearly 3% after the asset management company's fourth quarter earnings topped estimates. The company reported $32 billion of inflows during the quarter, pushing its total assets under management to $651 billion.

Persons: Ralph Lauren —, Ralph Lauren, Morgan Stanley, Ally, Mattel —, Barbie toymaker, LSEG, Moody's, NYCB, FactSet's, —, Jesse Pound, Tanaya Macheel, Lisa Kailai Han, Michelle Fox Theobald Organizations: —, Revenue, Mattel, PayPal, New York Community Bancorp, Arm Holdings, Apollo Global Management, American, American Express, Maersk —, Maersk Locations: Danish

☆ European markets head for higher open ahead of a slew of earnings
▼ + stars: | 2024-02-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a positive open on Thursday as investors focus on a slew of earnings set to come from Unilever, Societe Generale, Maersk, Siemens and Adyen. Regional markets retreated Wednesday amid ongoing uncertainty over the rate cut outlook. Japan's Nikkei led gains in Asia-Pacific markets on Thursday, hitting fresh 34-year highs, after a report suggested the country's central bank would not aggressively tighten its monetary policy. U.S. stock futures were little changed in overnight trading Wednesday after the S&P 500 finished the regular session on the brink of the 5,000 milestone. Investors will monitor fresh U.S. jobless claims data on Thursday to gauge the health of the labor market.

Organizations: Unilever, Societe Generale, Maersk, Siemens, Adyen, Japan's Nikkei Locations: Asia, Pacific

☆ White House, Capitol Hill divide on use of military in Red Sea is getting dangerous for the economy
▼ + stars: | 2024-02-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

U.S. import and export data shows that the majority of the country's trade is on foreign-flagged vessels. The Congressional calls to consider prioritizing U.S.-flagged vessels come at a time when the Iranian-backed Houthis continue to attack shipping in the Red Sea. Other nations, including U.S. ally France, have already declared their priority is to escort French-linked vessels after facing nationalistic pressure. "It could also be argued that directing military action to defend U.S. commercial shipping is within this power. However, most vessels transiting through the Red Sea are not U.S. ships, which raises questions about the extent to which these authorities can be exercised," they wrote.

Persons: Gerald R, Dwight D, Eisenhower, Mohammed Al, —, Biden's, Charles, Bud, Darr, Salud Carbajal, Hapag Lloyd, Carbajal's, Tim Kaine, Todd Young, Chris Murphy, Mike Lee Organizations: United States, Ford, Anadolu, Getty, Capitol, U.S, MDS Transmodal, Congressional, Gaza, Senate Foreign Relations, White House, Representatives, MSC, U.S . Navy, Maersk, White, Senate Armed Services, Foreign Relations, Senate, Relations, Counterterrorism Locations: Red, U.S, Iranian, Iran, France, Marshall, United States, East, South Asia, Central Asia

☆ Onboard a U.S. aircraft carrier, a cat-and-mouse game with Houthi forces plays out
▼ + stars: | 2024-02-04 | by ( Courtney Kube | Dan De Luce | ) www.cnbc.com time to read: +3 min

It was the second night in a row that aircraft from the Eisenhower have targeted Houthi militants in Yemen who are attacking cargo ships in the Red Sea. NBC News is currently the only news organization embedded with the U.S. Navy in the Red Sea while it is conducting strikes. Houthi militants based in Yemen have attacked roughly 30 cargo ships navigating the Red Sea since Nov. 19. Houthi leaders dismissed the U.S. and U.K. strikes on Saturday and vowed to continue their Red Sea attacks until Israel ends its military operations in Gaza. On Friday, the carrier's F/A-18 aircraft intercepted multiple drones that Houthi forces were preparing to launch, military officers told NBC News.

Persons: Eisenhower, Mason, Mohammed Al Organizations: EISENHOWER, Navy, —, NBC News, U.S . Navy, U.S . Central Command, Maersk, U.S, Gaza, Nimitz, Desert Locations: Yemen, Red, U.S, Aden, Israel, Gaza, Iran

☆ Self-navigating ships could change the shipping industry. Here are the companies poised to benefit
▼ + stars: | 2024-02-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +7 min

Worldwide, the autonomous ships market reached $4.13 billion in 2022, and is forecasted to grow to $10.1 billion in 2032, according to Emergen Research . Avikus said this journey marked the first time autonomous navigation successfully enabled a large vessel to complete a trip over 10,000 kilometers. HiNAS 2.0 deployed a level-three autonomous navigation system, meaning that human intervention is only deployed in an emergency situation. The success of the HiNAS 2.0 and Prism Courage journey marked a foray into greater commercialization and implementation of autonomous ship navigation technology. The company is aiming for its fully autonomous ship technology to reach full-scale commercialization by 2025.

Persons: Patrick Ryan, Covid, Courage, Avikus, Carol Schleif, Rudy Negenborn, — Ryan, Ryan, BMO's, Morgan Stanley, Ravi Shanker, Shanker, Hunt, C.H, Robinson, Negenborn Organizations: Research, American Bureau of Shipping, Hyundai, Yara International ASA, Yara, BMO Family, Delft University of Technology, Moeller, Maersk, Yara International, Mitsui, Mitsui O.S.K, Royce, Shipbuilders, Expeditors International Locations: Covid, Avikus, Freeport, of Mexico, Panama, Korea, Red, Suez, U.S, Danish, American, ADRs, Japan

☆ '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

☆ Panama Canal Drought Slows Cargo Traffic
▼ + stars: | 2024-01-26 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +8 min

PANAMA CANAL Colón Atlantic Ocean Lake Alajuela Gatún Lake Panama City PANAMA Ship traffic Pacific Ocean PANAMA CANAL Colón Lake Alajuela Atlantic Ocean Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Colón Lake Alajuela Atlantic Ocean Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Ship traffic Pacific Ocean PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic Source: MariTrace Ship movements from Jan. 19 to Jan. 21, 2024. Panama Canal Drought Slows Cargo TrafficThe lake that allows the Panama Canal to function recorded the lowest water level ever for the start of a dry season this year, which means that vastly fewer ships can pass through the canal. The Panama Canal Authority has reduced daily traffic through the narrow corridor by nearly 40 percent compared with last year. “The fact that the Panama Canal operates on freshwater is a major disadvantage compared to other water routes,” said Ricaurte Vásquez Morales, the administrator of the Panama Canal Authority, in a video address last month. But it may not be enough to meet the pressing demand for cargo traffic through the Panama Canal.

Persons: El, Jan, ”, Ricaurte Vásquez Morales, Gatún, Joshua Tewksbury, Gloria Arrocha Paz, Arrocha Paz Organizations: PANAMA Ship, Panama Canal Authority, Maersk, Panama Canal, Smithsonian Tropical Research Institute, Demand, Times, Smithsonian Tropical Research Locations: PANAMA, Lake Panama, Panama City PANAMA, Lake Panama City PANAMA, Panama, East Coast, United States, Northeast Asia, South America, Tewksbury, Indio, Gatún, Panama City, Panama Canal Authority, What’s

☆ The Houthis are still trying to attack ships, but most of the time, they can't get their missiles in the air before the US blows them up
▼ + stars: | 2024-01-24 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

US forces have been carrying out a handful of preemptive strikes against the rebels lately. This marked the Houthis' first confirmed missile launch in nearly a week, although it's not for a lack of trying. On Jan. 18, the Houthi rebels fired two anti-ship ballistic missiles at a US-owned and Greek-operated tanker. The military asserted in all four cases that it destroyed the Houthi missiles in "self-defense" and its actions make international waters off the coast of Yemen safer to transit. How much, exactly, is unclear, although Pentagon officials estimate the rebels maintain a majority of their ability to launch missiles and drones at ships, per The New York Times.

Persons: —, it's, CENTCOM, Dwight D, Eisenhower, Kaitlin Watt, Yemen's, Khaled Abdullah, Pat Ryder, Ryder, It's Organizations: Wednesday, Service, US Navy, Maersk Detroit, US Central Command, Houthi, Pentagon, Navy, Washington, British, REUTERS, New York Times Locations: Iran, Aden, Red, Yemen, Washington, U.S, Sanaa

☆ US Navy shoots down Houthi missiles targeting US-flagged commercial ship
▼ + stars: | 2024-01-24 | by ( Natasha Bertrand | ) edition.cnn.com time to read: +2 min

The USS Gravely, which was nearby at the time, shot down two of the missiles and one landed in the water, the officials said. There were no injuries or damage to the ship, CENTCOM said in a statement. The ships turned back from their planned voyage after seeing “explosions” on their way toward the Red Sea on Wednesday, according to the company. “While en route, both ships reported seeing explosions close by and the US Navy accompaniment also intercepted multiple projectiles,” Maersk said in a statement shared with CNN. “The crew, ship, and cargo are safe and unharmed.”Following the explosions, the US Navy turned both ships around and is escorting them back to the Gulf of Aden, according to Maersk.

Persons: Houthis, CENTCOM, ” Maersk, “, CNN’s Catherine Nicholls Organizations: CNN, US Navy, Maersk, US Central Command, Maersk Detroit, Chesapeake, US Maritime Security Program, VISA, Voluntary Intermodal Sealift Locations: Iran, Maersk Detroit, Gulf, Aden, Yemen

How Houthi Attacks Have Upended Global ShippingShipping routes before attacks After attacks EUROPE ASIA Suez Canal Red Sea Gulf of Aden Malacca Strait AFRICA Area of Houthi attacks Continued traffic South Atlantic Ocean Indian Ocean Ships diverted after attacks Cape of Good Hope Shipping routes before attacks After attacks EUROPE ASIA Suez Canal Gulf of Aden Red Sea AFRICA Area of Houthi attacks Continued traffic South Atlantic Ocean Indian Ocean Ships diverted after attacks Cape of Good Hope Shipping routes before attacks After attacks EUROPE Suez Canal Gulf of Aden Red Sea AFRICA Area of Houthi attacks Continued traffic Ships diverted after attacks Cape of Good Hope Note: To show the changing paths of ships that regularly traverse the Red Sea, 3,461 cargo vessels recorded at entrances to the Red Sea in the last three months are shown. Those detours, and the Houthi attacks, have persisted despite airstrikes by the United States and its allies against the Houthis. Houthi attack involving commercial vessels Other Houthi attacks in the Red Sea Three commercial vessels were struck in one day on Dec. 3. Nov. 15, 2023 Dec. 1 Dec. 15 Jan. 1, 2024 Jan. 15 Houthi attack involving commercial vessels Other Houthi attacks in the Red Sea Nov. 15, 2023 Armed Houthi fighters boarded a commerical vessel. The Houthi attacks have delayed China’s annual surge in exports before its factories are idled next month for the Lunar New Year.

Persons: Cape, Jan, JPMorgan Chase, Port Said Organizations: Global Shipping Shipping, Atlantic, Ships, Good Hope Shipping, Shipping, United States Central Command Shipping, Ikea, East, JPMorgan, Maersk, U.S . Energy Information Administration, Rotterdam EUROPE Venice, Good Hope, EUROPE Venice, International Monetary, Trade, Galaxy Leader, U.S . Navy, America Locations: ASIA Suez, Aden Malacca Strait AFRICA, ASIA Suez Canal Gulf, Aden Red, Suez Canal Gulf, Suez, Africa, Yemen, Israel, Gaza, United States, U.S, Asia, Europe, China, Northern Europe, East Coast, Maersk Hong Kong, The Singapore, Singapore, Slovenia, Port Said, Egypt, Port, Russia, Ukraine, India, Rotterdam EUROPE, Rotterdam EUROPE Venice Barcelona, Istanbul ASIA SYRIA LEBANON IRAN ISRAEL IRAQ Strait, Hormuz GAZA Suez, Kuwait, Red, Mumbai Malacca, YEMEN AFRICA, Aden, Good, Good Hope EUROPE ASIA SYRIA LEBANON ISRAEL IRAN IRAQ GAZA Suez, Strait, Hormuz Red, YEMEN, EUROPE, EUROPE Venice Tokyo Barcelona, Istanbul Shanghai ASIA SYRIA LEBANON IRAN ISRAEL IRAQ GAZA, Hormuz Hong, Suez Canal Kuwait, AFRICA Red, Mumbai Bangkok YEMEN Malaca, Istanbul Shanghai SYRIA LEBANON IRAN ISRAEL IRAQ ASIA GAZA, Suez Canal AFRICA Kuwait City Red, Red Sea, Beijing

☆ Air freight volumes soar as Red Sea delays, risks make more big retailers, auto companies nervous
▼ + stars: | 2024-01-19 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

HANGZHOU, CHINA - APRIL 6, 2023 - A Cargo plane of Maersk AIR Cargo is seen at Hangzhou Xiaoshan International Airport in Hangzhou, Zhejiang province, China, April 6, 2023. The current spike in use of air freight is primarily in cargo volumes bound for Europe, as more companies avoid the longer Red Sea diversions around Africa's Cape of Good Hope, according to Xeneta, a leading ocean and air freight rate benchmarking platforms. Air freight tends to be "quieter" in the last week of December and the first week of January, according to Niall van de Wouw, chief air freight officer for Xeneta. "If the Rea Sea crisis continues, you'll have more and more companies getting nervous," van de Wouw said. Xeneta data shows that air cargo volumes on the major apparel route from Vietnam to Europe spiked 62% in the week ending January 14 — 6% higher than 2023's peak week in October.

Persons: Maersk, Good Hope, Niall van de Wouw, van de Wouw, Van de Wouw Organizations: Maersk AIR Cargo, Hangzhou Xiaoshan International, Getty Locations: HANGZHOU, CHINA, Maersk, Hangzhou, Zhejiang province, China, Europe, Africa's, Good, Vietnam

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

☆ Top CEOs fear that volatile supply chains are now just the new normal
▼ + stars: | 2024-01-19 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

Kristian Helgesen | Bloomberg | Getty ImagesDAVOS, Switzerland — Top CEOs are closely following tensions in the Red Sea, warning that this kind of volatility for supply chains is likely here to stay. Houthi rebels from Yemen have attacked commercial vessels traveling in the Red Sea since November. Supply chains were massively disrupted during the pandemic and the subsequent bounce back, given the restrictions and the closure of borders. Tobias Meyer, the CEO of DHL, shared concerns over the new normal for supply chains. "We have an issue in the Panama Canal, we have an issue in the Red Sea.

Persons: Ebba, A.P ., Kristian Helgesen, Jesper Brodin, Brodin, Tobias Meyer Organizations: A.P, A.P . Moeller, Maersk, Bloomberg, Getty, Ingka, CNBC, Economic, IKEA, DHL Locations: Suez, Egypt, DAVOS, Switzerland, Red, Yemen, Iran, Gaza, United States, Hope, Africa, Asia, Europe, Davos, Panama

☆ Indian Navy Rescues Crew After Attack on Ship off Coast of Yemen
▼ + stars: | 2024-01-18 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

The Houthi movement said its missiles had made a "direct hit" on the bulk carrier. U.S. officials said the move was aimed at cutting off funding and weapons the movement has used to attack or hijack ships. On Monday, Houthi forces had struck the U.S.-owned and operated dry bulk ship Gibraltar Eagle with an anti-ship ballistic missile. The alternative shipping route around South Africa's Cape of Good Hope can add 10-14 days to a journey compared to passage via the Red Sea and the Suez Canal. Freight rates have more than doubled since early December, according to maritime consultancy Drewry's world container index, while insurance sources say war risk premiums for shipments through the Red Sea are also rising.

Persons: Krishn Kaushik, Idrees Ali, Phil Stewart NEW, Yemen's, Houthi, Denmark's, Shivam Patel, Simon Lewis, Pavel Polityuk, James Davey, Terje Solsvik, Keith Weir, Catherine Evans Organizations: Indian Navy, U.S, U.S . Navy, Shipping, Genco, Wednesday, Pepco, Denmark's Maersk, Maersk Locations: Phil Stewart NEW DELHI, WASHINGTON, U.S, Gulf, Aden, Genco Picardy, Iran, Asia, Europe, Israel, Palestinian, Gaza, India, Picardy, States, Yemen, South Africa's, Suez, Ukraine, Africa

☆ Biden designates Houthis terrorist group, as U.S. ramps up Red Sea counterstrikes
▼ + stars: | 2024-01-17 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

"If the Houthis cease their attacks, we can consider delisting the designation," a senior administration official said Tuesday on a call with reporters. It is the next move in the U.S. pressure campaign to weaken the Houthis' Red Sea siege, which the official called "a textbook definition of terrorism." Three years later, after months of Red Sea attacks, the Houthis have regained their spot on a U.S. terrorist list. The latest Houthi terrorist label is "one piece of a broader effort" to stabilize global trade in the Red Sea and prevent regional war in the Middle East, the official added. Since the Houthis began their strikes shortly after the start of the Israel-Hamas war in October, major shipping giants like Maersk have paused Red Sea business activity due to safety concerns.

Persons: Saleh al, Samad, Abduljabbar Zeyad, Mohammed Hamoud, Joe Biden, Donald Trump, Yemen's Huthi Organizations: Reuters, U.S . State Department, The State Department, United Nations, Yemen's Huthi Ansarullah Media, Afp, Getty Locations: Saudi, Hodeidah, Yemen, U.S, Sana'a, Israel, Gaza, Red

☆ Insurers shun many ships carrying goods through the Red Sea as attacks continue
▼ + stars: | 2024-01-17 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

The crisis in the Red Sea threatens to damage the economy by increasing prices on consumers and delaying the shipment of goods. A Houthi official vowed on Wednesday that attacks on “Israeli-linked” vessels in the Red Sea as well as the Arabian Sea will continue. Ikea also does not foresee any product shortages from the Red Sea problems. “Shippers are now much better at using alternative ways of moving their goods around the world,” Zandi said. “We have not seen the situation in the Red Sea translate into material movements in prices in the US such as consumer goods and gasoline prices,” Schwartz said.

Persons: ”, Marcus Baker, Marsh McLennan, Baker, Vicent Clerc, ” Clerc, CNN’s Richard Quest, Mark Zandi, Zandi, Kristalina Georgieva, Quest, ” Zandi, Stephen Schwartz, ” Schwartz Organizations: CNN, US, US Central Command, Maersk, International Monetary Fund, Oxford University . Shipping, P, Moody’s, Global, IMF, Economic, Wednesday, Ikea, Wells, Wells Fargo Global Receivables, Trade Finance Locations: Israel, Marsh, Suez, Africa, China, Davos, Switzerland, “, Asia, Europe, Germany, Wells Fargo, Iran

☆ Global shipping recession could end as freight rates soar on Red Sea troubles
▼ + stars: | 2024-01-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Stringer | Bloomberg | Getty ImagesVessels transiting the Red Sea have faced attacks over the past several weeks from Yemen-based Houthis, prompting shipping companies to change routes, leading to a spike in freight rates. Alan Baer CEO of OL USAVessel-Operating Common Carriers (VOCC) are ocean carriers that own and operate vessels responsible for managing cargo and transporting them. Luis Boza/ | Nurphoto | Getty ImagesWhile the recent spikes in freight rates might not help shippers relive their glory days following the pandemic, they would substantially boost profitability. Brashier noted that both contracted rates for ocean carriers and spot market rates may rise further. Overall, container freight will still [find it] difficult to manage oversupply issue.

Persons: Stringer, Houthi, Alan Baer, Baer, Luis Boza, Nico Luman, Jefferies, Brashier, Daejin Lee Organizations: Bloomberg, Getty, Houthi, U.S, U.S . Central Command, USA, CNBC, Evergreen, Shipping, Logistics, Head, Research, Fertistream Locations: Suez, Egypt, Yemen, South Africa, Gibraltar, Maersk, Lisbon, Portugal, Asia

☆ Russia's dark fleet of ships kept its oil exports strong. But 2 recent incidents in the Red Sea highlight the risks of that strategy.
▼ + stars: | 2024-01-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

However, a recent incident in the Red Sea highlights some of the risks faced by dark fleet ships, which typically have opaque ownership and frequently change their vessel names and flag registrations. The vessel was carrying Russian oil loaded at the port of Ust-Luga. "This was the second tanker mistakenly targeted by the Houthis whilst carrying Russian oil," Ambrey added. The Houthis have been attacking commercial ships in the Red Sea since November in retaliation for Israel's bombings in Gaza. AdvertisementThe Houthi's attacks in the Red Sea are upending global shipping with major shipping lines, including Maersk and Hapag-Lloyd, changing up their shipping routes to avoid risk.

Persons: —, It's, Ambrey, Lloyd, Matthew Loh Organizations: Service, Business, Panama, Union Maritime, Maersk, Hapag Locations: Russia, Iran, Yemen, Ust, Red, Gaza

☆ War and climate change are the main obstacles to aggressive Fed rate cuts in 2024, strategists say
▼ + stars: | 2024-01-14 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

War and climate change are the main risks that could threaten aggressive Fed rate cuts, Macquarie said. That's because conflicts in the Middle East and a parched Panama Canal risk creating supply shocks that stoke inflation. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. "War and climate change are becoming the main risk to the view that the Fed cuts aggressively," analysts led by Thierry Wizman wrote in a note on Friday. Such turmoil can end up pinching consumers because the Red Sea is a major shipping artery — the Suez Canal, which connects the Red Sea to the Mediterranean Sea, carries about 12% of global trade.

Persons: Macquarie, Thierry Wizman, Wizman Organizations: Service, Federal Reserve, Fed, Drewry, . Shipping, Maersk, CMA CGA, UK, International Monetary Fund Locations: Panama, Red, Africa, Yemen, Suez

Tensions in the Red Sea have been increasing for weeks, culminating in air strikes from the U.S. and its allies on Houthi-controlled areas in Yemen early Friday local time. What Has Been Happening in the Red Sea? As of Thursday, the Houthis have launched 27 attacks on ships in the Red Sea and the Gulf of Aden that they claim were linked to Israel. Reactions to the Air StrikesThe Houthis vowed to keep attacking ships in the Red Sea after the airstrikes. Container shipping company Maersk CEO Vincent Clerc told the Financial Times that re-establishing safe passage through the Red Sea could take months.

Persons: Lloyd Austin, “, Joe Biden, Biden, ”, –, Yahya Saree, Nasser Kanaani, Ro Khanna, Chip Roy, Sen, Rick Scott of, Vincent Clerc Organizations: Hamas, U.S, Central Command, Air Force, Houthis, Air, Political, ”, Democrat, Republican, California, Biden, Terrorists, Trade, Container, Maersk, Financial Times, Kiel Institute Locations: U.S, Yemen, Red Sea, Iran, Israel, Austin, United States, Australia, Bahrain, Canada, Denmark, Germany, Netherlands, New Zealand, Republic of Korea, United Kingdom, Red, Sanaa, Saudi Arabia, Middle, Lebanon, Hamas, Gaza, Aden, Gulf of Aden, Brig, British, Texas, Rick Scott of Florida, Europe, Asia, South Africa

☆ Tesla to pause German production over Red Sea disruption
▼ + stars: | 2024-01-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. In recent weeks, Houthi militants, based in Yemen, have ramped up attacks on vessels traveling through the Red Sea, saying they are revenge for Israel’s war against Hamas in Gaza. As a result, six of the world’s 10 biggest shipping companies — namely Maersk, MSC, Hapag-Lloyd, CMA CGM, ZIM and ONE — have been largely or completely avoiding the Red Sea. Volkswagen, Germany’s biggest carmaker, said Friday that its passenger car division did not anticipate “significant” restrictions to production over the situation in the Red Sea, according to Reuters. Economic reverberationsTesla’s decision will amplify fears that a prolonged closure of the Red Sea route — which connects with the vital Suez Canal — will hurt the global economy by snarling supply chains and driving up the prices of goods.

Persons: London CNN — Tesla, Tesla, Joe Biden, Brent, “, ”, Robert Yawger, Matt Egan Organizations: London CNN, CNN, RTL, Maersk, MSC, Lloyd, CMA CGM, Carriers, European Automobile Manufacturers ’ Association, Volvo, Reuters, Volkswagen, Economic, Ikea, Crocs, Container, British, West Texas, Mizuho Securities Locations: Red, Berlin, Europe, Yemen, Gaza, South Africa, Belgium, Suez, British, Drewry, Iran

☆ Who are the Houthis and why are the rebels in Yemen attacking Red Sea shipping?
▼ + stars: | 2024-01-12 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +5 min

Iran-backed Houthi rebels in Yemen have been launching attacks on shipping in the Red Sea. Here's the history of the Houthi rebels and how they fit into the broader Middle East conflict. The Houthi rebels are based in Yemen and are attacking commercial vessels traveling into the Red Sea. Roberto Scandola/Getty Images; Business Insider illustrationHow could the Houthis' attacks affect the rest of the world? US Secretary of State Antony Blinken told reporters at a press conference this week that the Houthis' attacks on international shipping are "a threat to everyone."

Persons: —, Abdul, Malik al, they've, Roberto Scandola, Antony Blinken Organizations: Service, US, Center for Strategic, International Studies, Israel, Hamas, Gazan Health Authority, Business, Prosperity Guardian Locations: Iran, Yemen, Red, Gaza, Saudi Arabia, Israel, America, Hamas, Suez

☆ Oil prices rise more than 2% after US, Britain strikes in Yemen
▼ + stars: | 2024-01-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose more than 2% on Friday as the United States and Britain carried out strikes against Houthi military targets in Yemen in retaliation for attacks by the Iran-backed group on shipping in the Red Sea starting from late last year. The Houthi attacks in the Red Sea have disrupted international commerce on the key route between Europe and Asia, which accounts for about 15% of the world's shipping traffic. Since October, Houthis have attacked commercial vessels in the Red Sea to show support for Palestinian militant group Hamas in its fight against Israel. Shipping giant Maersk said on Thursday it will divert all vessels away from the Red Sea for the foreseeable future, warning customers of further disruptions. The Houthi attacks have been concentrated on the Bab al-Mandab Strait to the southwest of the Arabian Peninsula.

Persons: Joe Biden, Houthis Organizations: Brent, U.S, West Texas, Palestinian, Hamas, Israel . Shipping Locations: Midland , Texas, U.S, United States, Britain, Yemen, Iran, Red, Israel, Australia, Bahrain, Canada, Netherlands, Europe, Asia, Turkey, Mandab, Hormuz, Oman

☆ Shipping boss says ongoing Red Sea disruption could have 'significant consequences' for global growth
▼ + stars: | 2024-01-11 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

Ongoing disruption to trade flows through the Red Sea could hit global economic growth, the head of one of the world's largest container shipping firms said Thursday. Maersk CEO Vincent Clerc said it remained unclear whether passage through the waterway would be re-established in "days, weeks or months," in comments first provided to the Financial Times and confirmed to CNBC. "It could potentially have quite significant consequences on global growth," Clerc said. The company announced Friday its vessels would be diverted from the Red Sea — which provides access to Egypt's Suez Canal, the quickest route between Europe and Asia — for the "foreseeable future." Vessels are instead traveling around the southern coast of Africa, which can add between two to four weeks to a Europe-Asia voyage, Clerc previously told CNBC.

Persons: Vincent Clerc, Clerc Organizations: Maersk, Financial Times, CNBC Locations: Suez, Europe, Asia, Africa

☆ The Red Sea attacks appear to be hurting traders and suppliers across the globe — but Russia's oil trade with India is still booming
▼ + stars: | 2024-01-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian oil cargoes are still sailing via the Red Sea to get to India, according to S&P Global. Iran-backed Houthi rebels have been attacking commercial ships in the Red Sea since November. Many commercial shipping lines and vessels have rerouted from the Red Sea to avoid getting caught in the attacks. It's not immediately clear why ships carrying Russian oil to India haven't rerouted to avoid potential attacks in the Red Sea. Hardeep Singh Puri, India's petroleum and natural gas minister, said recently that the country is monitoring the situation in the Red Sea.

Persons: —, Lloyd, Sumit Ritolia, It's, Alexander Novak, Hardeep Singh Puri Organizations: P Global, Service, Maersk, Hapag, P, Reuters Locations: India, Iran, Red, Asia, Europe, Cape, South Africa, Moscow, Ukraine, Russia

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