World News
Three Explosions Reported Near Ship in Red Sea
The British authorities have reported a new incident in the Red Sea on Tuesday evening after a recent spate of attacks on commercial shipping in the area.
The incident happened about 33 nautical miles east of Assab in Eritrea at about 6:50 PM UTC on Tuesday, the UK Maritime Trade Operations agency said in a social media post.
Up to three explosions were reported at a distance of about one to five nautical miles from a ship in the area, the agency said in an update to its report. No damage to the vessel has been reported, and the crew are currently thought to be safe.
"Authorities are investigating," the agency said.
"Vessels are advised to transit with caution and report any suspicious activity to UKMTO."
A wave of attacks has been launched on commercial shipping in the Red Sea by Yemen's Houthi movement in recent weeks in response to the worsening conflict in Gaza.
An international taskforce, Operation Prosperity Guardian, has been launched by the US to improve maritime security in the region, but leading shipping companies continue to regard the area as too risky for their fleets, sending vessels on longer voyages around the Cape of Good Hope instead of using the Suez Canal.
This phenomenon is likely to deliver a noticeable boost to global bunker demand for however long it lasts, with ports in Africa standing to gain the most.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 555.00 | 5.50 | 672.00 | 3.00 |
| Rotterdam | 516.50 | 4.00 | 653.50 | 0.50 |
| Houston | 556.00 | 8.00 | 681.00 | 10.00 |
| Fujairah | 548.00 | 1.00 | 749.50 | 2.50 |
| Global 20 Ports Average | 577.00 | 0.50 | 751.50 | 2.00 |
| Global 4 Ports Average | 544.00 | 1.50 | 689.00 | 4.00 |
| Global Average Bunker Price | 629.00 | 0.50 | 800.50 | 0.00 |
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