CAIRO: Egyptian President Abdel Fattah El-Sisi has said that revenues from the Suez Canal have “decreased by 40 to 50 percent” so far this year due to attacks on shipping by Yemen’s Houthi rebels, according to Agence France Presse. The canal is one of the main sources of foreign currency for Egypt which is gripped by a severe … Read more
SINGAPORE: Oil prices climbed on Monday after a drone attack on US forces in Jordan added to worries over supply disruption in the Middle East as Houthi rebels stepped up their attacks on vessels in the Red Sea, hitting a Trafigura-operated fuel tanker, according to Reuters. Risks of a widening conflict comes as Russian refined … Read more
How South Africa’s genocide case against Israel could influence the course of Gaza war DUBAI: Whichever way the UN’s highest court rules in the case lodged by South Africa accusing Israel of genocide in Gaza, the high-profile proceedings alone may well be enough to change the course of the conflict, experts claim. An interim ruling … Read more
RIYADH: Shipping volume in the Suez Canal dropped 28 percent year on year in the 10 days ending Jan. 2, official data has revealed. Latest figures released by the International Monetary Fund’s PortWatch platform shows that disruptions in the Red Sea have increased in recent weeks, putting vital trade flows at risk. On the other … Read more
OSLO: Denmark’s Maersk said on Wednesday it has scheduled several dozen container vessels to travel via the Suez Canal and the Red Sea in the next several weeks, in a further sign that global shipping firms are returning to the route. The schedule remains subject to change based on specific contingency plans that may be … Read more
DUBAI: Egypt’s Suez canal authority chief said on Sunday the authority is closely monitoring the current tensions in the Red Sea. The authority is “closely following the consequences of current tensions in the Red Sea on the traffic in the canal,” Chairman Osama Rabea said in a statement, adding that maritime traffic in the canal is … Read more