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Maersk noted that while the Peak Season Surcharge was reduced recently, it has been increased again to help cover the additional costs due to the changes. Image for representation purposes only. File | Photo Credit: C.V. Subrahmanyam Global shipping major Maersk estimates an industry wide capacity loss of 15-20% in the Far East to North…
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Image used for representative purpose only. | Photo Credit: AP Yemen’s Houthis said on April 27 their missiles hit the Andromeda Star oil tanker in the Red Sea, as they continue attacking commercial ships in the area in a show of support for Palestinians fighting Israel in the Gaza war. The ship’s master reported damage…
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H&M CEO Daniel Erver said that the extent of the delay would vary from country to country, but could be around two weeks in some markets. File | Photo Credit: Mike Segar H&M, the world’s second-biggest listed fashion retailer, postponed the start of some Spring/Summer campaigns to adjust to shipping delays caused by the Red…
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Union Minister of Commerce & Industry Piyush Goyal. File | Photo Credit: PTI Commerce and Industry Minister Piyush Goyal has exuded confidence that during this fiscal, the country’s goods and services export numbers will be at the same level; as it was last year despite slowdown and uncertainties in the global trade. He also said…
Armed Houthi followers. Image used for representative purpose only. | Photo Credit: REUTERS An attack by Yemen’s Houthi rebels on Friday set off explosions ahead of a Singapore-flagged vessel in the Gulf of Aden, authorities said. The attack targeted the bulk carrier Propel Fortune, which continued on its way, according to the United States military’s…
This picture taken on February 27, 2024 shows a speed boat and the Rubymar cargo ship (L) sinking off the coast of Yemen. Rubymar, a Belize-flagged, British-registered and Lebanese-operated cargo ship carrying combustible fertilizer, was damaged in a missile strike on February 25 claimed by the Iran-backed Houthi rebels. | Photo Credit: AFP A ship…
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U.S. has emerged as Europe’s top supplier of crude, diesel and LNG as the Red Sea crisis prolongs. | Photo Credit: Reuters The United States has taken the top spot as Europe’s supplier of crude oil, diesel, and liquefied natural gas (LNG) in recent months, capitalising on reduced imports from east of Suez caused by…
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The U.S. and U.K. struck 18 Houthi targets in Yemen on February 24, answering a recent surge in attacks by the Iran-backed militia group on ships in the Red Sea and Gulf of Aden, including a missile strike this past week that set fire to a cargo vessel. According to U.S. officials, American and British…
Major shipping lines are avoiding the Suez Canal and are rerouting vessels around the Cape of Good Hope, which has increased time and costs for exporters. File | Photo Credit: KK Mustafah Sustained disruptions in the Red Sea route is likely to raise the freight and forwarding (F&F) cost by 25-30% for corporates largely dealing…
Exporters are worried that high freight cost could impact exports. Representational | Photo Credit: PTI There is no adverse impact on India’s exports and imports so far due to the Red Sea crisis, an official said. The official said that the transportation cost has increased as the shippers are taking a long route. “There is…