• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 5 hours The United States produced more crude oil than any nation, at any time.
  • 1 day China deletes leaked stats showing plunging birth rate for 2023
  • 8 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
Oil Drops on Inventory Build

Oil Drops on Inventory Build

Crude oil prices moved lower…

Tankers Advised to Stay Away From Yemen As Tensions Rise

Amid escalating tensions in the Middle East and the U.S. and UK strikes on Houthi targets in Yemen overnight, the largest shipping and tanker industry groups are advising members to stay away from the Bab el-Mandeb Strait while shippers are diverting transit away from the Red Sea en masse again.

In an advisory to its members, the International Association of Independent Tanker Owners (Intertanko), representing nearly 70% of all international oil, chemical, and gas tankers, said that tankers should “stay well away” from Bab el-Mandeb and pause north of Yemen when traveling south through the Suez Canal route.

“The threat period for shipping is expected to last for several days,” Intertanko said in the advisory carried by the Financial Times.

The higher threat to shipping in the area sent oil prices surging by more than 4% early on Friday, after the U.S. and UK forces in the Red Sea struck military targets in Yemen late on Thursday in response to the Houthi attacks on ships in the area.

“These targeted strikes are a clear message that the United States and our partners will not tolerate attacks on our personnel or allow hostile actors to imperil freedom of navigation,” U.S. President Joe Biden said in a statement following the air and sea strikes.

BIMCO, the world's largest direct-membership organization for shipowners, charterers, shipbrokers, and agents, also advised members to avoid the Red Sea.

“Should the situation escalate, all ships must be expected to avoid the Red Sea until safe passage is restored and effectively close the Suez Canal for all ships” except for vessels that aren’t going all the way through the Red Sea, BIMCO’s chief shipping analyst Niels Rasmussen said, as carried by Bloomberg.

In an update on Friday, shipping giant Maersk said that “The situation is constantly evolving and remains highly volatile, and all available intelligence at hand confirms that the security risk continues to be at a significantly elevated level.”

ADVERTISEMENT

“We have therefore decided that all Maersk vessels due to transit the Red Sea / Gulf of Aden will be diverted south around the Cape of Good Hope for the foreseeable future,” Maersk added.

By Tsvetana Paraskova for Oilpirce.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News