World News
Shell Halts Red Sea Voyages After Houthi Attacks
Wednesday January 17, 2024
Global energy producer Shell has halted all of its voyages through the Red Sea in response to growing threats to maritime security in the area.
The firm has suspended the voyages indefinitely, the Wall Street Journal reported on Tuesday, citing sources with knowledge of the decision. An oil tanker chartered by Shell was one of the vessels targeted for a drone attack in December, according to the report.
Rival energy giant BP made a similar decision in mid-December.
A series of leading shipping companies have now decided to avoid the Red Sea -- and thus the Suez Canal -- altogether, favouring longer routes around Africa that will increase tonne-mile demand in freight markets and raise bunker consumption.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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