Some of the largest shipping and oil companies in the world have refrained from trading due to the Houthi rebels’ attacks on commercial vessels in the Red Sea. This has caused delays and increased costs as trade has been diverted away from a vital route for consumer goods and energy supplies. On Monday, BP announced …
How The Houthi Attacks In The Red Sea Will Impact India’s Trade Read More »
BP was the first oil corporation to suspend shipments in the Red Sea, citing a deteriorating security environment as a result of increased attacks by Yemeni rebels on ships sailing a route that accounts for 10% of all international commerce. Brent crude, the worldwide benchmark, finished the day 1.8% higher at $77.95 a barrel. The …
In response to the recent capture of the Bulgarian bulk carrier MV Ruen, which is listed under the Maltese flag, Bulgaria is preparing for discussions with Somali pirates. The yacht, which was detained last week, arrived off the coast of Puntland, Somalia, near Bander Murcaayo during the weekend. The Bulgarian prime minister announced that talks …
Singapore and Japan have inked an agreement to establish the world’s first Green and Digital Shipping Corridor (GDSC). On December 16, 2023, the Singaporean Ministry of Transport and the Japanese Ministry of Land, Infrastructure, Transport, and Tourism inked an agreement to develop best practices and standards for decarbonising and digitising the maritime sector. The Singapore-Japan …
Adani Ports and Special Economic Zone Ltd (abbreviated the APSEZ) announced on Friday that it had entered into a second strategic partnership with Mediterranean Shipping Company’s (the MSC) arm, Terminal Investment Limited (abbreviated TiL), for the seamless operation of Adani Ennore Container Terminal Pvt Ltd (popularly known as the AECTPL). TiL is a partner of …
The US and its allies are trying to launch a global operation to protect ships passing through the Red Sea. The move was made in response to an increase in Houthi attacks, which prompted concerns about the safety of commercial transportation on this crucial waterway. Following intensive conversations prompted by the recent surge in armed …
A bulk ship operated by a Bulgarian business and flying the Malta flag was reportedly boarded on Thursday in the eastern Indian Ocean near Socotra Island in Yemen, according to a statement from the British maritime security company Ambrey. The incident occurred after a similar occurrence with the same vessel occurred earlier in the Arabian …
India has been chosen as the pioneer lead country for the International Maritime Organization’s (IMO) Green Voyage2050 Project, which aims to assist developing nations in their efforts to reduce GHG emissions from ships. The following projects have been chosen: • Ambuja Cements Limited installed a waste heat recovery system on a bulk carrier. …
