World News
Russia and China Make Deal With Houthi Movement for Safe Red Sea Passage: Report
Russia and China have reportedly made a deal with Yemen's Houthi movement to allow their ships to pass safely through the Red Sea and Gulf of Aden.
The deal involves Russia and China providing political support to the Houthi movement, news agency Bloomberg reported on Thursday, citing sources with knowledge of the discussions.
The details of the support are unclear, but may involve the countries blocking UN Security Council resolutions targeting the Houthi movement.
Commercial ships operating near Yemen have been coming under attack from the country's Houthi movement over the past four months in a response to the conflict in Gaza.
Several leading shipping companies are now avoiding the region altogether, taking longer routes around Africa rather than using the Suez Canal. This is likely to deliver a significant boost to bunker demand and freight markets while the current situation continues.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 6.50 | 680.00 | 10.50 |
| Rotterdam | 514.00 | 2.50 | 676.00 | 7.50 |
| Houston | 547.50 | 0.00 | 671.50 | 1.50 |
| Fujairah | 561.00 | 0.50 | 751.00 | 1.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 759.00 | 0.00 |
| Global 4 Ports Average | 548.00 | 2.00 | 694.50 | 5.00 |
| Global Average Bunker Price | 633.50 | 1.00 | 798.50 | 0.50 |
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