Houthis Archives - The Loadstar

Houthis earn $2bn a year from Red Sea protection racket

Gavin van Marle — Tue, 05 Nov 2024 13:23:51 +0000

If you harbour any hope that the Red Sea crisis might come to an end soon, The Loadstar respectfully suggests you should abandon it, as this extraordinary report in the Maritime Executive claims the Yemini militia group is earning around $180m a month in tolls from shipowners to not attack their vessels as they pass the Bab Al-Mandeb straits. The source of the article is a 537-page report from the ...

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Egypt claims Houthi attacks have cost its economy $6bn in lost Suez revenue

Charlie Bartlett technology editor — Mon, 04 Nov 2024 13:58:04 +0000

Egypt has suffered a $6bn hit from the Red Sea crisis and drop in Suez Canal transits, a minister has told the IMO – but Yemen’s Houthis have vowed to continue their attacks.
Yahya Sarea, a Houthi spokesperson claimed in a weekend televised address that Israel-linked maritime businesses were seeking to change ownership, but the group would not recognise any changes and would continue to attack vessels going to, coming from, ...

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Good year for box lines, says Yang Ming chief, but keep an eye on the market

Alex Lennane — Thu, 18 Jul 2024 10:56:06 +0000

Yang Ming chairman Cheng Cheng-mount said liner operators would not resume Red Sea transits until the Houthis stop attacks on vessels.
At Taiwan’s 70th Maritime Day celebrations last week, Mr Cheng said: “I don’t anticipate a ceasefire between Hamas and Israel any time soon, and shipowners will not risk the safety of their crews and vessels.”
However, he was optimistic that Q3 24 will be good for box lines, especially with the ...

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Prestige Falcon Houthi attack could be deadliest so far, with 16 crew missing

Alex Lennane — Wed, 17 Jul 2024 10:23:25 +0000

UPDATE: The Indian Navy reported that it has found nine of the 16 crewmembers alive, while a tenth crew member had been found deceased. The search is ongoing for six additional crewmembers.
A spokesperson for the Indian Navy said it faced “challenging weather conditions as the area is experiencing rough seas and strong winds.” and reported that eight of the individuals that were rescued were Indians and one is from Sri ...

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‘At least 65 countries’ now affected as Houthi Red Sea attacks continue

Alexander Whiteman — Mon, 17 Jun 2024 12:15:48 +0000

Houthi attacks on shipping in the Red Sea have cut box throughput in the region by 90% and, amid escalating insurance costs, it seems it will take more than naval support to lure carriers back to the region any time soon.
According to a US Defense Intelligence Agency (DIA) report, re-routing vessels around Africa has added some 11,000 nautical miles and $1m in fuel costs to voyages, but from a financial ...

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Risk Intelligence: Houthis lack resources for Med attacks

Alex Lennane — Fri, 17 May 2024 12:31:11 +0000

Houthi threats to widen their area of operations amount to bluster and propaganda, and “should not be taken at face value,” according to a Risk Intelligence report.
Earlier this month Houthi leader Abdul Malik Al-Houthi made a televised broadcast saying that the militia group would widen its scope of attacks on shipping into the Eastern Mediterranean, until such time as Israel and the US withdraw from Gaza and Yemen.
“We are preparing for a ...

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Maersk raises surcharges as Red Sea risk expands and costs mount

Alex Lennane — Tue, 07 May 2024 13:09:16 +0000

Last week, Houthi chief Abdul Malik Al-Houthi said there would be a stepping-up of operations in the Red Sea; and yesterday Maersk Line noted that the Red Sea “risk zone” had expanded, with “attacks reaching further offshore”.
The Loadstar reported on Friday that Maersk’s revised peak season surcharge on Asia-NOrth Europe is set to triple from $250 per teu to $750 per teu from 11 May.
However, between 15% and 20% of ...

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Don’t get too confident for Q2, market risks haven’t disappeared, warns Yang Ming chief

Alex Lennane — Wed, 01 May 2024 11:03:16 +0000

Liner operators should not be too confident that Q2 will be any better than Q1, despite the Red Sea crisis absorbing the tonnage overhang, said Yang Ming chairman Cheng Cheng-mount this week.
Mr Cheng, who is also chairman of the Taipei Shipowners’ Association, told its members: “The rerouting of ships round the Cape of Good Hope has merely distracted attention from structural overcapacity. Furthermore, market risks, such as China’s real estate ...

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Déjà vu as major ocean carriers scramble for tonnage and containers

Alex Lennane — Tue, 30 Apr 2024 11:06:41 +0000

Tight availability of boxships and equipment, last seen during Covid, is replaying as more and more vessels reroute round the Cape of Good Hope.
Linerlytica’s latest report, issued yesterday, says the capacity of boxships diverted to the Cape route will pass the 5m teu mark within weeks, as avoiding the threat of Houthi attacks continues to absorb record newbuilding deliveries.
Yesterday it was reported that the Houthis claimed to have attacked the ...

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Evergreen clients signing transpac contracts as Red Sea crisis props up rates

Alexander Whiteman — Fri, 19 Apr 2024 10:54:24 +0000

Taiwan carrier Evergreen said yesterday it believed the escalation of Israel-Iran tensions means the Red Sea crisis would continue well into Q2 and, as this is keeping freight rates up, customers had been quick to sign long-term transpacific shipping contracts.
GM Wu Kuang Hui said: “Contract negotiations are in full swing and we’re quite optimistic, as customers are eager for discussions, regardless of freight rate levels.
“At the start of the year, ...

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