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Yemeni Houthis Target US Ship in Retaliation for Airstrikes

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Yemeni Houthis are attacking a the United States (US) ship in the Red Sea in retaliation for the United States and the United Kingdom’s (UK) airstrikes on land targets in Yemen this past week.

The Houthis fired an anti-ship cruise missiles in the Red Sea at a United States destroyer. But a fighter plane shot it down.

The majority of shipping companies have redirected their ships away from the Bab el-Mandeb – Suez Canal route as the war intensifies. Which has resulted in longer average journey times between Asia and Europe and higher freight rates.

After the most recent increase, there has been a rerouting of tanker traffic, and there has been an increase in oil prices in response.

Following the United States (US) and the United Kingdom (UK) strikes on Yemen the previous week. Brent crude momentarily approached $80 per barrel.

Three tanker operators have confirmed that they have ceased transporting goods through the Red Sea. Following advice from the U.S.-UK joint forces in the Red Sea known as the Combined Military Forces, Torm, Hafnia, or Stena Bulk were no longer directing their vessels to the Bab el-Mandeb strait.

Qatar Ceases Red Sea Shipments: Setback for LNG Consumers in Europe

Conversely, Qatar recently declared that it would stop shipping liquefied natural gas through Bab le-Mandeb. Given that the Red Sea route is the quickest and least expensive. This is a setback for European consumers of Qatari liquefied natural gas

According to Shree Metal Prices, which cites cargo-tracking data, at least five liquefied natural gas carriers that were scheduled to cross the Bab el-Mandeb strait have been grounded since Friday.

The report stated that one was in the Red Sea, three were idling off the coast of Oman, and the fourth was close to the Suez Canal.

Ships should think about holding outside of the area while a period of situation assessment is conducted until daylight on Saturday, January 13. According to a statement from the International Association of Independent Tanker Owners.

SHREE METAL PRICES