Escalating tensions in the Red Sea have far-reaching implications for global shipping and commodity markets. https://lnkd.in/eYQ4BvaF About RiskLogix: https://lnkd.in/dRXAzuux enquiries@risklogix-solutions.com 44 207 377 2250 #shippingworldwide #operationalriskmanagement
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https://lnkd.in/ejn5NNMb The continued attacks on shipping tankers near Yemen have prompted several shipping companies, along with oil giant British Petroleum, to halt using the Suez Canal in light of the recent attacks by Iranian-backed Houthi Rebels, causing oil and natural gas to spike. The oil magnet British Petroleum (BP) stated on Monday that the safety and security of its staff and associates are its foremost concern. The statement highlighted BP’s decision to temporarily halt all shipping transits through the Red Sea due to the worsening security situation in the area. The company noted that this precautionary measure will be regularly reviewed, considering the evolving circumstances in the region. Following the news, there was a significant increase in oil prices. Brent crude, the international standard, experienced a 1.1% rise, reaching $77 per barrel. Similarly, US oil prices climbed by 1%, hitting $72 per barrel. Additionally, the price of Natural Gas witnessed a substantial surge, escalating by 5.5% by early Monday. This follows in the footsteps of Denmark’s A.P. Moller-Maersk and other freight firms, who responded to increased attacks by Iranian-backed Houthi militants in Yemen targeting vessels in the Red Sea. These developments have led these companies to reroute their operations through one of the world’s vital trade arteries, which experts say could snarl supply chains and drive up freight costs.
Yemen’s Houthi Rebels Disrupting Global Trade, Oil and Natural Gas Prices Surge
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Red Sea Route Closure Sparks Oil Price Fluctuations and Shipping Risks, Raising Concerns for Global Supplies #Brentcrudefutures #criticalinfrastructuresecurity #delaysandhighercosts #globaloilsupplies #Houthiattacks #Houthirebels #instabilityinglobaloilmarkets. #Maersk #MiddleEasttoEuropeandAsia #MSC #oilprices #oilshipments #RedSearouteclosure #SaudiAramcofacilityattack #shippingrisks #strategicwaterways #supplychainsecurity #tensionsintheregion #WTIcrudefutures #Yemensgovernment
Red Sea Route Closure Sparks Oil Price Fluctuations and Shipping Risks, Raising Concerns for Global Supplies | US Newsper
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The recent crude oil market was characterized by an exacerbated market volatility with oil prices. The Red Sea turmoil, which is part of the spillover effect of the Israel–Hamas war, has upended the seaborne oil trade through the strategic waterway and sent ripples through the global maritime industry. This week’s video aims to share a fundamental market background and describe the impact of the Red Sea turmoil on the global oil market. For details of the analysis, watch the video by Mr. Wu Hai, an expert in the industry. https://lnkd.in/gpTyGH4p
European diesel market at the center of Red Sea turmoil - TOCOM Energy - Market News & Insights
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“Looking at the weekly tolls graph*, overall tolls have fallen by about 40% since the end of November from $47 million to $28 million. Container tolls have significantly decreased, falling by about 66% from the end of November, where estimated fees fell from about $18 million that week to $6 million at the start of January. However, in percentage terms the LPG sector experienced the biggest drop with tolls down by about 93%, from $1 million at the end of November to $153,000 in the first week of January. LNG tolls ranked third, with a fall of about 66%, followed by crude tankers which experienced a fall of about 23% from $7.3 million to $5.7 million in January. Bulkers were the least affected, with a comparatively modest decline of about 7%.” #suezcanal #oceanshipping
Suez Canal Earnings Fall as Vessels Re-Route Around Africa
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This is my first post in many years. I feel I need to express my deep concern and anger at government complacency at the demise of UK manufacturing in many fields - an issue that has developed and expanded over several decades. in my own area, as then Director General of the UK Petroleum Industry Association, we tried to alert government of the severe exposure UK faced by losing even one more of our precious UK oil refineries and our ability to process crude oil into essential products that drive the economy, especially in the event of international tensions leading to supply disruption to the import of finished products. this was called our "Black Swan Study' that highlighted the potential effect of terrorist activity in pinch points such as the straights of Hormuz limiting supply of imports to the UK. The report fell on deaf ears. As do calls to be aware of the effects of import reliance on steel, food, coal and finished goods. Government is content that the UK can import all it wants and that supply routes are safe! What is more, the suicidal drive towards Net Zero is having a dramatic impact on the petroleum and transport industries for ultimately no discernible impact on global CO2 levels - and regrettably, our industry has largely rolled over and submitted to this 'greenwash'. Petroleum products are vital to UK and European (and global) life and will be for many decades to come, despite the Net Zero folly. However, the damage governments are doing to vital industries with their misplaced policies be irreversible. The Port Talbot blast furnace closure and Grangemouth refinery closure are the latest milestones in this march towards the UK being totally dependent on imports to survive - for everything. Wake up industry and start fighting this nonsense!
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Tanker Market Monitor Chart of the Week: Dirty Tankers - Red Sea Geopolitical tensions in the Middle East, particularly Houthi attacks in the Red Sea, are heightening concerns about oil prices and disrupting seaborne oil trading, with a noticeable decline in vessel transits through the region. Meanwhile, crude freight rates on the AG-China route remain firm due to China's ongoing stimulus measures, but any further escalation in tensions could drastically impact the oil market and send prices soaring. The Signal Ocean Tanker Market Monitor Chart of the Week is now available for FREE in our Newsroom: https://lnkd.in/ehF6aCjK #VLCCMarket #FreightRates #ShippingTrends #MaritimeEconomics #OilTankerRates #MaritimeIndustry
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Ongoing wars and conflicts in the Middle East have presented significant risks to global oil supply chains, given the region’s pivotal role in oil production and export. Read about it here: https://lnkd.in/gSdHX9xY
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Band Leader, bass guitarist, vocalist, songwriter at Deep River, Asheville's Premier Country Vocal Group
FROM THE INTERSECTION: “The russian oil price cap at $60pb was designed to keep the oil flowing, but reduce the profits made by Russia. For the first 6 months the cap worked, then in July 2023 it was breached, and has been breached daily since then. Russia’s oil export volumes have rebounded to levels last seen before it invaded Ukraine, according to the International Energy Agency, although the country is still grappling with a sharp drop in revenue from these exports. Group of Seven nations have imposed a cap on the price of Russian oil and oil products, and a smaller pool of buyers can also negotiate greater discounts. There are two main prices - the price of export and the price of import. The difference between the two can be substantial. The difference is pocketed by unscrupulous middlemen traders and the hidden ship owners, using uninsured and dangerously old ships. Russian oil is now flowing above the price cap (WAKE UP @EU_Commission ), using the shadow fleet - a network of ship owners and traders that is hidden from the world. But there is also the case to be made that the #EuropeanCommission and the #G7 countries are turning a blind eye. The European Commission and @vonderleyen are ignoring the manipulation of trade costs to circumvent the real sale value of the oils well in excess of the price cap. There are many expenses in the transport of the oil that can be inflated and changed - to bring the oil under the price cap. Chinese are taking as much oil as possible, 25% increase YOY, India even more - 1.5 to 2 million barrels per day. In India they refine the oil at which point it loses its russian identity. Much of it is used in India but a significant amount is being sold back out to the world markets. This is a self regulated industry and it is only interested in profits. The shadow players know the oil is russian, the ship brokers know the ships are destined for russian activity and trade, and traders know they are selling russian oil. #Dubai, the place on mo morals and extreme wealth, has won over traders as a safe haven for trade and crime, Dubai is now the main location as the place to trade from. It is also the main base for masking ownership structures in shell companies to mask benefit owners from sanctions. According to VesselsValue, a UK-based market intelligence firm, sales of oil tankers to newly formed companies or undisclosed buyers account for roughly 33% of tanker deals so far this year. Sales to unknown buyers accounted for just 10% of the total in 2022 and 4% in 2021. The middlemen thrive in Dubai, and their wealth is growing. A new group of middlemen based in Dubai which supports the illicit trade. A single cargo, a trader can pocket 10-15 million dollars, creating millionaires and billionaires. This trade is also fuelling Russia’s war directly. In the gulf of leconacos, the hub of russian oil trade is thriving, with sea to sea transfers in Lakonikos bay, in plain sight of the EU, G7 Countries and…”
Beefeater (@Beefeater_Fella) on X
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Tanker markets continue to benefit from vessel re-routing as a consequence of the #Red Sea #SuezCanal crisis according to analysis by MSI. Three products/routes provide the majority of #tanker traffic through the Suez Canal: Middle East crude and products moving west and Russian crude moving east. The February HORIZON Tanker monthly report reveals substantial diversion activity for both crude and product tankers moving from the Middle East to Atlantic Basin. The patterns of trade for crude tankers moving Russian crude to Asia appear less affected. For high quality data-driven insights into the shipping markets, contact info@msiltd.com to discuss our monthly and quarterly market reports. #oil #oilproducts #crudeoil #shipping #commodities #supplychain #globaltrade
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The Red Sea issue has endangered supply networks and is driving up the price of consumer products. The increased frequency of Houthi vessel strikes has led Shell and other firms to decide against using the Red Sea shipping route. However, the Red Sea issue has not yet seriously impacted oil supply, limiting its influence on the markets. As a result, on January 17, Brent crude futures declined 1.6% to $77.03 per barrel despite escalating tensions in the Middle East. #security #redsea #energy #geopolitics #middleeast
Shell joins BP and numerous shipping giants in putting all Red Sea shipments on ice as vessel attacks escalate
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