EMEA News
Houthis Declare Maritime Blockade Against Saudi Arabia
Yemen's Houthi movement on Monday announced a maritime blockade against Saudi Arabia, raising concerns over shipping through the Red Sea.
The embargo would take effect immediately under an "eye for an eye" policy, Yahya Saree, spokesperson of Houthi, said in a social media post yesterday.
“The Yemeni Armed Forces declare a maritime embargo against the criminal Saudi enemy, based on the equation of 'an eye for an eye,' effective immediately upon the issuance of this statement," he said.
“We affirm the right of our great people to respond to the blockade with a blockade, and to respond to all escalation with all escalation, thus solidifying this equation.”
Meanwhile, the Saudi-led coalition said it has begun implementing measures to protect commercial ships passing the Bal al-Mandab Strait.
The Houthis previously carried out a series of attacks on commercial vessels transiting the Red Sea, prompting many shipowners to divert ships around the Cape of Good Hope instead of using the shorter Suez Canal route
While those attacks had eased in recent months, the group's latest maritime embargo against Saudi Arabia has renewed concerns over security in the Red Sea and Bab al-Mandab Strait, adding to the disruption already affecting shipping through the Strait of Hormuz amid the ongoing Iran-US conflict.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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| Rotterdam | 681.00 | 5.50 | 1400.00 | 10.00 |
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| Fujairah | 944.50 | 19.00 | 1675.50 | 9.00 |
| EMEA Average | 861.50 | 10.00 | 1709.50 | 11.50 |
| Global 20 Ports Average | 860.50 | 15.50 | 1522.00 | 1.50 |
| Global 4 Ports Average | 801.00 | 13.00 | 1429.50 | 4.00 |
| Global Average Bunker Price | 922.00 | 13.00 | 1596.50 | 2.50 |
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