INSUBCONTINENT EXCLUSIVE:
Genco Picardy late on Wednesday, the U.S
between Asia and Europe and alarmed major powers in an escalation of the war between Israel and Palestinian Hamas militants in Gaza.The
Houthis say they are acting in solidarity with Palestinians and have threatened to target U.S
President Joe Biden - a blend of limited military strikes and sanctions - appears aimed at preventing a wider Middle East conflict even as
halting attacks by militants that are causing supply bottlenecks and raising fears that inflation could reignite.After the latest attack,
India diverted a warship deployed in the region to rescue the 22 crew on board the Genco Picardy, including nine Indians
Shipping operator Genco confirmed the attack, and said its vessel was hit by a projectile while it was passing through the Gulf of Aden with
journey compared to passage via the Red Sea and the Suez Canal.A sharp downturn in revenue from the Suez Canal has struck a painful new blow
The chairman of the Suez Canal Authority said last week that revenue had fallen by 40% in the first 11 days of January.Wheat shipments via
the Suez Canal tumbled almost 40% in the first half of January to 0.5 million metric tons, the World Trade Organization said on Thursday.The
Red Sea crisis was rippling through the business world and reviving concerns about stretched supply chains that emerged when activity picked
up after the COVID-19 pandemic.The re-routing of a growing number of vessels is altering re-fuelling patterns and boosting demand for bunker
other large shipping lines have instructed hundreds of commercial vessels to stay clear of the Red Sea
The attacks, as well as weather-related closures and stoppages in Europe, risked causing congestion at several container terminals, Maersk
delayed ships start to arrive but they do not expect any serious logistical issues.Ports in Italy and France are worried about being
Christophe Castaner, chairman of Marseille port, told a press conference on Thursday.If the crisis persists, one scenario could be that
vessels travelling around Africa call in at Morocco and transfer goods to other ships to serve the Mediterranean, he added.Source:
