The global container shipping capacity has been strained due to the Red Sea/Suez Canal situation and a restocking cycle in the U.S. and Europe with strong purchasing of Chinese goods. On May 17, the Shanghai Export Containerized Freight Index (SCFI) rose to 2520.76 points, a 9.3% increase from the previous week and more than a 130% increase since the Red Sea crisis in December, points out the Shanghai Shipping Exchange.
British firms are facing higher shipping costs and delays of up to four weeks due to Houthi attacks in the Red Sea, according to a survey from the British Chamber of Commerce (BCC). More than a third of firms admitted the situation, but the figure rose to more than half among exporters responding to the survey, which the BCC said could lead to higher prices in the UK economy overall.
The European Union will be sending three European warships and airborne early warning systems to the Red Sea and the Gulf of Aden, to protect international shipping, following a meeting of EU foreign ministers
A ship carrying 16,000 sheep and cattle to Israel and that had been stranded off the coast of Australia in extreme heat conditions has returned to a Perth port. MV Bahijah abandoned its journey through the Red Sea - where Houthi fighters in Yemen have been attacking ships - leaving the animals stuck on board for weeks.
The United States has organized the deployment in the Red Sea of a multinational naval force to defend against attacks on international shipping in the region. US Defense Secretary Lloyd Austin, currently visiting Bahrain made the announcement.
Several global maritime agencies and oil and gas giant British Petroleum announced they would temporarily pause transit through the Red Sea until further notice because of the repeated missile and drone incidents against their vessels.
Egypt plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia.
The survey ship 'HMS Enterprise' nets stunning images of a Grand Canyon-style ocean floor hidden deep under the Red Sea. Discovering the 250 metre deep canyon after leaving the Egyptian port of Safaga the ship used her sophisticated EM1002 Multibeam echo sounder to create the 3D images, allowing the ocean floor to be seen for the first time.