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☆ Fitch downgrades Egypt one notch deeper into junk territory
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

The downgrade reflects increased risks to Egypt's external financing, macroeconomic stability and the trajectory of already-high government debt, the rating agency said. The ratings agency said it expects Egypt to face a significant rise in external debt maturities in fiscal years ending June 2024 and June 2025, from that which ended in June 2023. The rating agency expects receipts from tourism, the Suez Canal and a recovery of remittances to help contain financing needs from larger imports. "Israel-Hamas war poses significant downside risks to tourism, although we build in some near-term hit," Fitch said. In October, fellow ratings agencies Moody's and Standard & Poor's (S&P) both downgraded Egypt's credit ratings by a notch.

Persons: Mohamed Abd El Ghany, Fitch, Vaibhav, Shailesh Organizations: REUTERS, Monetary Fund, Reuters, Thomson Locations: Cairo, Egypt, Egypt's, Suez, Gaza, Israel, Bengaluru

☆ Israel's missile ships are joining US combat power in the Red Sea as more Iran-backed militants fire weapons its way
▼ + stars: | 2023-11-01 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

Israel said it deployed missile ships to the Red Sea, where they'll join US Navy vessels in the area. AdvertisementAdvertisementAfter a series of attacks from Iran-backed militants, Israel has deployed several ships capable of launching missiles to the Red Sea, where they will join US Navy vessels already there. The IDF said "all aerial threats were intercepted outside of Israeli territory," with some of them downed by Israeli fighter jets around the Red Sea to the south. Israel Defense ForcesIsraeli Navy ship in the Red Sea. US Missile Defense AgencyThe Arleigh Burke-class guided-missile destroyer USS Carney (DDG 64) transits the Suez Canal, Oct. 18.

Persons: Israel, they'll, —, Yemen's, Carney, Arleigh Burke, we've, Pat Ryder, Aaron Lau, Hezbollah —, Lloyd Austin Organizations: US Navy, Service, Navy, Israel Defense Forces, US, IDF, Hamas, Israel Defense Forces Israeli Navy, IAF, Aerial Defense, Pentagon, Air Force, Interceptor, US Missile Defense Agency, Hezbollah, Islamic Revolutionary Guard Corps, U.S Locations: Yemen, Israel, Iran, Israeli, Israel's, Eilat, Red Sea, Red, Suez, Saudi, Tehran, Iraq, Syria

☆ Israel-Hamas war rocket attacks are leading oil tankers to make unusual moves near ports
▼ + stars: | 2023-10-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Giant gantry cranes and tracks in a container port, viewed from a moored cruise ship in Ashdod, Israel. The moves to evade detection come as shipping lines are also being advised to wait further offshore with rocket attacks reported at the ports of Ashdod and Eilat in Israel. Israel has closed the Port of Ashkelon, the country's biggest oil-importing port, because of rocket attacks. "This suggests that container lines are avoiding the Port of Ashdod, and potentially relying more on the Port of Haifa instead," Woitzik said. The ports of Ashdod and Haifa are the key ports for food imports.

Persons: There's, Homayoun Falakshahi, Ambrey, Falakshahi, Port, Mirko Woitzik, Woitzik, majeure Organizations: Getty, AIS, Israel, CNBC, tanker Sea Galaxy, Port, ICL Group, ICL, Rockets, Army, Evergreen Locations: Ashdod, Israel, Eilat, Port, Port of Haifa, Ashkelon, Haifa, Kpler, Gaza, Suez, Aqaba

☆ Israel-Hamas war in Gaza: What is the history of the conflict?
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +7 min

[1/3]Smoke rises after Israeli strikes on the seaport of Gaza City, in Gaza, October 10. Two-state solution: An agreement that would create a state for the Palestinians in the West Bank and Gaza Strip alongside Israel. Israel has said a Palestinian state must be demilitarized so as not to threaten its security. Refugees: Today about 5.6 million Palestinian refugees - mainly descendants of those who fled in 1948 - live in Jordan, Lebanon, Syria, the Israeli-occupied West Bank and Gaza. Israel says any resettlement of Palestinian refugees must occur outside of its borders.

Persons: David Ben, Gurion, Israel, Yasser Arafat, Mohammed Salem, Yitzhak Rabin, Arafat, Bill Clinton, Ehud Barak, Donald Trump, Joe Biden, Trump, Edmund Blair, Stephen Farrell, Mark Heinrich Our Organizations: Israel, West Bank, Palestinian, REUTERS, Palestine Liberation Organization, Oslo Accords, Arab League, U.S, Reuters, Thomson Locations: Israel, kibbutzes, Gaza, East, British, Palestine, Jordan, Lebanon, Syria, East Jerusalem, U.S, Egypt, Suez, Golan, Lebanon's Iran, Gaza City, Oslo, Israeli, Arab, Palestinian, Washington, Saudi Arabia, Riyadh, Jerusalem

☆ Economists fear major disruption if the Israel-Hamas conflict is not contained
▼ + stars: | 2023-10-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

ReutersAny possible escalation of the Israel-Hamas war poses a major risk to the global economy, driving up energy prices and disrupting key trade routes, economists have warned. Israel's subsequent bombardment of Gaza in a bid to eliminate Hamas has increased the risk of a spillover to the wider Middle East region. The events in recent days have deepened the greatest fear among economists, that the conflict engulfs the region and begins to pose a long-term threat to global energy and trade infrastructure. Back then oil prices gained 30% in a matter of two weeks before settling at around 15% above pre-war levels," said J. Safra Sarasin Equity Strategist Wolf von Rotberg. "You choke off those points and you create major disruption not just to oil prices, but the whole supply chain of the world for energy and other goods as well."

Persons: Israel's, Isaac Herzog, Pat Thaker, Thaker, Brent, J . Safra Sarasin, J, Wolf von Rotberg, Elijah Oliveros, Rosen, Oliveros, Paul Gruenwald, Gruenwald Organizations: Hamas, Reuters, Palestinian, Lebanese, Hezbollah, Economist Intelligence Unit, CNBC, Fed, ECB, West Texas, J ., Safra Sarasin Equity Locations: Israel, Palestinian, Gaza, Lebanon, East, Africa, Saudi, Ukraine, Europe, Iran, Tehran, Saudi Arabia, Suez, Persian, Hormuz, U.S, Chile, Turkey, Thailand, Philippines, India, Egypt

☆ Incident involving US warship intercepting missiles near Yemen lasted 9 hours
▼ + stars: | 2023-10-20 | by ( Oren Liebermann | ) edition.cnn.com time to read: +3 min

CNN —A US warship that intercepted drones and missiles near the coast of Yemen on Thursday encountered a larger and more sustained barrage than was previously known, shooting down 4 cruise missiles and 15 drones over a period of 9 hours, according to a US official familiar with the situation. Their trajectory left little doubt that the projectiles were headed for Israel, the official said, a clearer assessment than the Pentagon’s initial take. The drones and missiles were intercepted with SM-2 surface-to-air missiles launched from the USS Carney. US interceptions of Houthi launches are exceedingly rare, making the timing of this incident, as tensions rise in Israel, more significant. In response, the US fired sea-launched cruise missiles at Houthi radar facilities in Yemen.

Persons: Carney, Burke, Brig, Pat Ryder, ”, Ryder, USS Mason, I’m Organizations: CNN, Arleigh, Pentagon, SM, USS, Navy, US Central Command, Support, US Locations: Yemen, Suez, Israel, Gaza, East, Syria, Iraq, Iranian, Tanf, Baghdad

CNN —A US Navy warship operating in the Middle East intercepted multiple projectiles near the coast of Yemen on Thursday, two US officials told CNN. One of the officials said the missiles were fired by Iranian-backed Houthi militants, who are engaged in an ongoing conflict in Yemen. Approximately 2-3 missiles were intercepted, according to the second official. Gen. Pat Ryder confirmed that the USS Carney shot down three land attack missiles as well as several drones that were launched by Iran-backed Houthi forces in Yemen. The USS Carney transited through the Suez Canal into the Red Sea on Wednesday.

Persons: Brig, Pat Ryder, Carney, ” Ryder, ” Organizations: CNN, US Navy, East, Pentagon, US Fleet Forces Locations: Yemen, Iranian, Iran, Israel, Suez

Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. "Such an escalation could lead to increased oil prices, concerns about oil supply, and the potential for a global economic downturn." In the unlikely event the United States sends troops into the Middle East, Belote expected a $20 jump in oil prices, "if not more". "Israel has better relations with other Arab countries compared to then," JP Morgan private bank strategist Madison Faller said in a note, "and global oil supply is not as concentrated." Reuters Graphics5/ TECH JITTERSWhat's good for oil stocks can be bad for big tech.

Persons: Abdel Hadi Ramahi, Hamza Meddeb, Malcolm H, Brent Belote, Belote, JP, Madison Faller, Nadia Martin Wiggen, Alessia Berardi, Amundi's Berardi, Trevor Greetham, Morgan Stanley, Jeff, London's Greetham, Naomi Rovnick, Nell Mackenzie, Marc Jones, Dhara Ranasinghe, Sharon Singleton Organizations: United Arab Emirates, REUTERS, Kerr Carnegie Middle East Center, Oil, JP Morgan, Svelland, Reuters Graphics Reuters, U.S, Reuters, Swiss, Royal, Aegon, Deutsche Bank, Aerospace, Thomson Locations: Dubai, United Arab, Israel, Gaza, Beirut, IRAN, Iran, U.S, United States, Arab, Turkey, Ukraine, Egypt, Jordan, Iraq, Saudi Arabia, Qatar, Bahrain, Suez, London

[1/3] A general view shows Haifa Port, which is to be sold to India's Adani Ports and local partner Gadot in Haifa, Israel July 24, 2022. Ashdod port has imposed restrictions on the transport of hazardous materials which has meant slower transits. Around 13 ships - comprising cargo, container and dry bulk vessels - were currently moored inside Ashdod port, according to MarineTraffic data. "The Suez Canal, a critical waterway for various commercial vessels, including container ships, may face disruptions," Container xChange CEO Christian Roeloffs said. The Marshall Islands registry, one of the world's top shipping flags, last week raised the security level for Israel's ports and its territorial waters to their highest.

Persons: Gadot, Ilan Rosenberg, Christian Roeloffs, Jonathan Saul, Ari Rabinovitch, David Evans, Louise Heavens Organizations: Haifa Port, Adani, REUTERS, Rights, Israel's, Port, MSC, Ministry, Marshall, Thomson Locations: Haifa, Israel, Gaza, Ashkelon, Ashdod, Port, Port of Haifa, ”, Israel's, Suez, Hormuz, United States, Arabian, Strait, Gulf of Oman and Red, Jerusalem

Lynch said his agency is seeking congressional authorization to study another round of deepening for the Savannah River shipping channel. The Army Corps of Engineers last year finished deepening the waterway by 5 feet (1.5 meters), a $973 million project that took 25 years to study and execute. And it’s not just for the Georgia Ports Authority. Buddy Carter, a Republican whose district includes Savannah's port, said they support studying another harbor expansion. “This port affects every county in Georgia,” said Georgia House Speaker Jon Burns, a Republican who attended the speech.

Persons: Griff Lynch, Lynch, We’ve, They're, Eugene Talmage, “, Sen, Raphael Warnock, Buddy Carter, ”, Jon Burns, Chris DeScherer, ” DeScherer Organizations: Georgia Ports Authority, Army Corps, Engineers, U.S ., Port, Georgia Department of Transportation, Army Corps of Engineers, Water Resources, Democrat, U.S . Rep, Republican, Southern Environmental Law, Wildlife Locations: SAVANNAH, Ga, Port, Savannah, U.S, Georgia, “ State, India, Thailand, Vietnam, U.S . East Coast, Panama, East Coast, Suez, Savannah's

☆ Israel highlights fragility of new trade corridors
▼ + stars: | 2023-10-10 | by ( Afiq Fitri Alias | ) www.reuters.com time to read: +3 min

LONDON, Oct 10 (Reuters Breakingviews) - A new and deadly chapter of the decades-old Israel-Palestinian conflict is a reality check for an ambitious trade route. IMEC’s chief backers waxed lyrical about the potential of the trade route involving railways, ports and green energy. Demand is there: India's total trade with Saudi Arabia more than doubled in two years, hitting around $53 billion in financial year 2023. In the near-term, the Suez Canal will remain the primary route for goods travelling to Europe from India, while Turkey can press its own rival trade route. The Biden administration is continuing to push for normalisation talks between Saudi Arabia and Israel, the New York Times reported on Oct. 8.

Persons: Joe Biden, Ursula von der Leyen, Narendra Modi, India’s, Saudi Crown Prince Mohammed bin Salman, Benjamin Netanyahu, Biden, Una Galani, Thomas Shum Organizations: Reuters, Washington, European, Indian, New, Saudi Crown, Israeli, New York Times, Thomson Locations: Israel, India, Middle, Europe, New Delhi, Saudi Arabia, Haifa, Gaza, China, People’s Republic, Suez, Turkey, United States, European Union, France, Germany, Delhi, Arabian, Asia

☆ What's the Israel-Palestinian conflict about and how did it start?
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +6 min

The conflict pits Israeli demands for security in what it has long regarded as a hostile region against Palestinian aspirations for a state of their own. Palestinians who stayed put in the war today form the Arab Israeli community, making up about 20% of Israel's population. Israel has occupied the West Bank, Arab East Jerusalem, which it captured from Jordan, and Syria's Golan Heights ever since. Israel has said a Palestinian state must be demilitarised so as not to threaten Israel. Jerusalem - Palestinians want East Jerusalem, which includes sites sacred to Muslims, Jews and Christians, to be the capital of their state.

Persons: David Ben, Gurion, Israel, Golan, Yasser Arafat, Mohammed Salem, Yitzhak Rabin, Arafat, David, Bill Clinton, Ehud Barak, Donald Trump, Joe Biden, Jerusalem, Trump, Edmund Blair Organizations: Israel, West Bank, Palestinian, REUTERS, Oslo Accords, U.S, Refugees, Reuters, Thomson Locations: Israel, British, Palestine, Jordan, Lebanon, Syria, Gaza, East Jerusalem, U.S, Egypt, Arab East Jerusalem, Suez, Golan, Gaza City, Oslo, Israeli, Palestinian, Washington, Saudi Arabia, Riyadh, Jerusalem

☆ What's the Israel-Palestinian conflict about? The origin of wars explained
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +6 min

Palestinians who stayed put in the war today form the Arab Israeli community, making up about 20% of Israel's population. Israel has occupied the West Bank, Arab East Jerusalem, which it captured from Jordan, and Syria's Golan Heights ever since. A two-state solution, Israeli settlements, the status of Jerusalem, and refugees are at the core of the dispute. Israel has said a Palestinian state must be demilitarised so as not to threaten Israel. Jerusalem - Palestinians want East Jerusalem, which includes sites sacred to Muslims, Jews and Christians, to be the capital of their state.

Persons: David Ben, Gurion, Israel, Golan, Yasser Arafat, Yitzhak Rabin, Arafat, David, Bill Clinton, Ehud Barak, Donald Trump, Joe Biden, Jerusalem, Trump, Edmund Blair Organizations: Israel, West Bank, Palestinian, Oslo Accords, U.S, Refugees, Reuters, Thomson Locations: Israel, British, Palestine, Jordan, Lebanon, Syria, Gaza, East Jerusalem, U.S, Egypt, Arab East Jerusalem, Suez, Golan, Oslo, Israeli, Palestinian, Washington, Saudi Arabia, Riyadh, Jerusalem

☆ How 1880s technology made it possible for 2 women to travel around the world in under 80 days
▼ + stars: | 2023-10-07 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +19 min

In 1889, journalist Nellie Bly set off on a trip around the world, trying to make it under 80 days. "You see a huge emphasis being placed on building ships that were ever faster than the previous generation of ships," Goodman said. Once aboard the train, Bly began to receive telegrams from her editors and well-wishers. "Sometimes it literally literally just says, 'Nelly Bly's train,'" Behn said. For Behn, what Bly and Bisland did remains incredible and deserve to be remembered as much as Verne's story.

Persons: Nellie Bly, Elizabeth Bisland, —, Jules Verne's, Bly, Bisland, Adrien Behn, Matthew Goodman, Elizabeth Bisland's, Victoria, Augusta Victoria, Henry Guttmann, seasickness, Behn, San Francisco —, Bettmann, Goodman, John Mix Stanley, Said, Getty Images Bly, they'd, Alfred Touchemolin's, voyaged, She'd, James Buchanan, Joseph Pulitzer's, Nelly Bly's, Jules Verne, Thomas Cook, Fogg, Nelly, she'd Organizations: Service, Cosmopolitan, Atlantic, Hulton, Western, Central Pacific, Union Pacific, Union Pacific's Overland, Rockies, Railroad, US, Ships, Suez, Getty Images, Workers, SSPL, Headquarters, Thomas Cook &, Companies Locations: London, New Jersey, New York, California, Blackwell's, of, New York Harbor, Chicago, Omaha, Utah, San, Salt, Union, Iowa, San Francisco, Midwest, Between Nebraska, Sacramento , California, Sierra Nevada, Lake Jessie , North Dakota, Washington ,, Philadelphia, Suez, Europe, Asia, Africa, Britain, India, Port Said, Egypt, Yemen, commonwealths, British, Aden, Colombo, Penang, Hong Kong, Singapore, Ceylon, Yokohama, France, Germany, America, South China, Nevada, Russian Empire, East, North America, London's, Italy, Ireland, United States, Japan, China

☆ Panama Canal slashes the number of ships allowed through — drought means there isn't enough water in the channel
▼ + stars: | 2023-10-02 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +3 min

The Panama Canal Authority has further restricted the number of boats that can cross per day. Traffic restrictions in August caused a backlog of hundreds of ships waiting to cross. AdvertisementAdvertisementThe Panama Canal Authority further reduced the number of boats that can transit through the strategic waterway, which has been hit by an intense drought. Unlike the Suez Canal, which relies on seawater, the Panama Canal uses freshwater from an artificial lake to supply its waterway. AdvertisementAdvertisementBecause of this, the canal authority has had to ration the transit through the Panama Canal locks, per the AP.

Persons: —, Avance Gas, Ricaurte Vásquez Morales, Vásquez, France24 Organizations: Panama Canal Authority, Service, Avance, French Locations: Panama, Suez, France

☆ Huge fire erupts at police premises in Egypt's Ismailia
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: 1 min

CAIRO, Oct 2 (Reuters) - A huge fire erupted at a police facility in the Egyptian Suez Canal city of Ismailia early Monday, according to witnesses and local media. Unverified videos posted on social media showed the city's security directorate engulfed in flames. Two witnesses told Reuters fire engines were sent to the scene but appeared to be struggling to contain the blaze. The cause for the blaze was not immediately known. Reporting by Hatem Maher and Yusri Mohamed; Editing by Muralikumar Anantharaman and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Hatem Maher, Yusri Mohamed, Muralikumar Anantharaman Organizations: Local, Thomson Locations: CAIRO, Egyptian Suez Canal, Ismailia

☆ 'We're not going anywhere.' David's Bridal's CEO reveals what's next for the company after its second bankruptcy.
▼ + stars: | 2023-09-16 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +11 min

David's Bridal filed for bankruptcy in April and was sold in July to Cion Investment Corp.CEO Jim Marcum is optimistic about David's Bridal's future. David's Bridal filed for bankruptcy in April , the second time in five years. Jim Marcum became the CEO of David's Bridal in 2019. There's been a lot going on with David's Bridal recently. David's Bridal dresses range from $199 to $2,000, Marcum said.

Persons: David's, Jim Marcum, Marcum, that's, Jennifer Ortakales Dawkins, There's, We've, it's, They'd, we've, That's, Randy Brooke, David Bridal, I've, Spencer Platt, Pearl, there's, didn't, they've, We're Organizations: Cion Investment Corp, Service, Signet Jewelers, David's, Walmart Locations: Wall, Silicon, Suez, Baltimore, United States, America

☆ Opinion | A Saudi-Israel Deal Would Bring Big Benefits — to the U.S.
▼ + stars: | 2023-09-11 | by ( Hussein Ibish | ) www.nytimes.com time to read: +1 min

Yet neither Saudi Arabia nor Israel appears to be showing much urgency in getting the deal done, while the Biden administration has made it a clear priority. The main advantage the triangular deal offers the United States is a tightened grip over three vitally important waterways around the Arabian Peninsula: the Strait of Hormuz, the Suez Canal and the Bab el-Mandeb Strait. The Suez Canal, which links the Red and Mediterranean Seas and connects Asia, Africa and Europe, is just as significant. At the other end of the Red Sea, a third key passageway, the Bab el-Mandeb Strait, controls the entrance into the Red Sea leading to the Suez Canal and is similarly significant to global trade. It’s no accident that the only overseas Chinese military base is in Djibouti, just 68 miles from Bab el-Mandeb, or that Beijing invested billions of dollars in that country.

Persons: Biden, Bab Organizations: Beijing Locations: Saudi Arabia, Israel, Washington, United States, Hormuz, Suez, Mandeb, China, Asia, Africa, Europe, Djibouti, Bab el

☆ A severe drought is affecting the Panama Canal. That’s not a good sign for supply chains — or your holiday shopping
▼ + stars: | 2023-08-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Just this week, the Panama Canal Authority extended those restrictions for at least another 10 months. Next shoe to dropBut from a transportation standpoint beyond Panama, the next shoe to drop could be the Mississippi River, Davis said. During the past 30 days, rainfall along the southern Mississippi River has been well below normal. And when you have two disruptions versus just one, that is magnified overall.”Holiday shopping hang-upsFor now, general waiting times have spiked at the Panama Canal. Supply chain shiftsHad this occurred before the pandemic lockdowns and the drastic swings in consumer spending patterns that mangled supply chains, it might have been a different story.

Persons: sandstorm, ”, Janelle Griffith, Marsh, Jon Davis, El, “, Davis, Evelyn Hockstein, Everstream, Ahmad Hassan, hasn’t, “ We’ve, ” Phillip Sanfield, Amanda Kwan, hadn’t, ” Kwan, plumb, Taylor Swift, Kamala Raman, you’ve, Peter Sand, Sand Organizations: Minneapolis CNN —, Panama Canal Authority, Getty, CNN, Port, Port Authority of New, National Retail Federation Locations: Minneapolis, Minneapolis CNN — Panama, Panama, Mississippi, Suez, North American, El, Central America, Grand Tower , Illinois, New Orleans, United States, Europe, Egyptian, Ismailiya, AFP, Panama Canal, Los Angeles, Port of Los Angeles, New York, Port Authority of New York, New Jersey, “

☆ Suez Canal ship traffic unaffected after tanker collision
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view of the BW Lesmes tanker at Freeport, Texas, U.S., August 3, 2023, in this picture obtained by Reuters. The two tankers, the Singapore-flagged liquefied natural gas (LNG) carrier BW Lesmes and the Cayman Islands-flagged oil products tanker Burri, briefly collided in the canal, ship tracking company MarineTraffic said early on Wednesday citing eyewitnesses. As of 5 a.m. (0200 GMT), the BW Lesmes was facing north but being towed to the south by two tugboats, according to ship tracking data on Refinitiv Eikon. A person who answered the phone at the Suez Canal Authority's operations room when contacted by Reuters said he could not provide any information on the tankers. The Suez Canal is one of the world's busiest waterways and the shortest shipping route between Europe and Asia.

Persons: Glenn Travis, MarineTraffic, Osama Rabie, Yusri Mohamed, Muhammad Al Gebaly, Nafisa, Enas Alashray, Florence Tan, Cynthia Osterman Organizations: BW, Reuters, REUTERS Acquire, Rights, Shipping, BW Group, TMS, Thomson Locations: Freeport , Texas, U.S, Rights CAIRO, Singapore, Cayman, Suez, Europe, Asia

☆ Two tankers collide briefly in Suez Canal
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Aug 23 (Reuters) - Two tankers, the Singapore-flagged BW Lesmes and Cayman Islands-flagged Burri, briefly collided in Egypt's Suez Canal, ship tracking company Marine Traffic said early Wednesday, citing eyewitnesses. The shipping tracker showed the BW Lesmes, which carries LNG, stopped and pointing north, and Burri, an oil products tanker, moored and pointing south about 19 km from the southern end of the canal at 2:55 a.m.(2355 GMT). A time lapse shared by Marine Traffic showed Burri turning sideways and colliding with an already sideways BW Lesmes at 2040 GMT before backing up and pointing straight. There was no immediate confirmation from the Suez Canal Authority. Approximately 12% of the world's trade moves through the canal.

Persons: Said, Muhammad Al Gebaly, Nafisa Eltahir, Yusri Mohamed, Enas Alashray, Jacqueline Wong, Cynthia Osterman Organizations: Traffic, Marine, Authority, Thomson Locations: CAIRO, Singapore, Cayman Islands, Suez

☆ More than 200 ships are in a traffic jam outside the Panama Canal, showing we can't get through a year without big boats getting stuck
▼ + stars: | 2023-08-22 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +2 min

More than 200 ships are stuck in a traffic jam outside the Panama Canal. Over 200 ships are currently stuck in a major traffic jam on either side of the Panama Canal, with some ships trapped for more than three weeks waiting to get through, according to data from project44 reviewed by Insider. The ships are stuck due to an unprecedented drought taking hold in Panama right now, the Wall Street Journal reported. The traffic jam is causing a slowdown in consumer goods delivery and is already stoking concerns over the holiday supply chain. But the stuck ships should come as no surprise; it's the third year in a row that the world has marveled at an unfortunate logjam of maritime traffic.

Persons: Alix Partners, Alix Organizations: Wall Street Journal, Panama Canal Authority, Alix Partners, Authorities Locations: Panama, Suez, Chesapeake

☆ Major shipping routes are struggling with water shortages. El Niño could make it worse
▼ + stars: | 2023-08-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

A ship navigates the Panama Canal in the area of the Americas' Bridge in Panama City on June 12, 2023. Luis Acosta | Afp | Getty ImagesAn increasing number of climate-driven extreme weather events is taking its toll on the world's major shipping routes — and El Niño could make matters worse. In drought-stricken Panama, low water levels have prompted the Central American country to reduce the number of vessels that pass through the critically important Panama Canal. The Panama Canal Authority, which manages the waterway, said earlier this month that the measures were necessary because of "unprecedented challenges." "Right now, we do not see that filling up of the water levels that a normal year would bring around.

Persons: Luis Acosta, El Niño, El, Peter Sands, Sands, Lars Ostergaard Nielsen, Moller, Balint Porneczi, Nielsen Organizations: Afp, Getty, Central, Atlantic, Panama Canal Authority, CNBC, Analysts, Planet Labs PBC, El, Maersk, Bloomberg, Palatinate . Locations: Panama, Panama City, Central American, Suez, Europe, Asia, Pacific, Germany, Rotterdam, Bacharach, Rhineland, Palatinate, Frankfurt

[1/2] Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. The Panama Canal Authority has reduced maximum ship weights and daily ship crossings in a bid to conserve water. Container ships are the most common users of the Panama Canal and transport more than 40% of consumer goods traded between Northeast Asia and the U.S. East Coast. Some shipping executives are bracing for more reductions later this year, noting that in 2020 a less severe drought prompted canal operators to reduce crossings to 27 per day. "The Panama Canal is just the latest example."

Persons: Aris Martinez, Max, Drew Lerner, Peter Sand, Steve Ferreira, STRI's Steven Paton, Paton, Brian Bourke, Lisa Baertlein, Marianna Parraga, Elida Moreno, Louise Breusch Rasmussen, Deepa Babington Organizations: Monrovia NSU CHALLENGER, REUTERS, ANGELES, Evergreen Marine, Pacific, Panama Canal Authority, Northeast, U.S ., Smithsonian Tropical Research, El Nino, Central American, Canal Authority, SEKO Logistics, Thomson Locations: Cocoli, Panama, Panama City, HOUSTON, China, U.S, Northeast Asia, U.S . East Coast . U.S, United States, Chile, Brazil, Suez, Gatun Lake, El, U.S . East Coast, Los Angeles, Houston, Copenhagen

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez/File PhotoPANAMA CITY, Aug 10 (Reuters) - The drought-hit Panama Canal has temporarily limited the number of new reserved passage slots to help ease a bottleneck of ships that are waiting to transit without reservations, the waterway's authority said on Thursday. The canal, however, in June postponed further restrictions that would have required ships to lighten their loads to more easily pass. The bottleneck of vessels waiting to pass, however, has grown, prompting logistics and supply chain experts to predict more disruptions. Still, the bottleneck will not fall as hard on shippers as pandemic-era mishaps, including the Suez Canal blockage in 2021, according to shipping firms and customers.

Persons: Aris Martinez, Ricaurte Vasquez, Anatol Feygin, Rolf Habben Jansen, Lloyd, Elida Moreno, Marianna Parraga, Lisa Baertlein, Marguerita Choy Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Reuters, El, El Nino, Walmart, Cheniere Energy, Thomson Locations: Cocoli, Panama, Panama City, China, El, Suez

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