World News
CMA CGM Announces New Route Passing Through Red Sea
French container line CMA CGM has announced a new route for its ships passing through the Red Sea, possibly signalling a more relaxed attitude to the risk of Houthi attacks after the ceasefire in Gaza.
The company's new weekly BIGEX 3 service will move between India and Saudi Arabia from February 22, it said in a statement on its website.
The route starts at Nhava Sheva in India, moving through Mundra, Salalah and Jeddah before returning to India.
Yemen's Houthi movement announced earlier this year that it would restrict its attacks on commercial shipping to Israeli-flagged or owned vessels since the ceasefire in Gaza, and halt the attacks completely once all stages of the ceasefire agreement have been passed.
Houthi attacks on commercial ships in the Red Sea and Gulf of Aden have prompted most leading shipping companies to avoid the area altogether, forgoing the use of the Suez Canal to take longer routes around Africa. This has raised tonne-mile demand for the shipping industry and boosted bunker sales around the world.
If the halt in attacks lasts on a more long-term basis, shipping companies are likely gradually to return to using Suez over the course of this year, prompting another shake-up of freight and bunker markets. But most companies have thus far expressed caution about any change in operations along these lines.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 573.50 | 1.00 | 695.00 | 3.00 |
| Rotterdam | 542.00 | 2.00 | 686.50 | 6.50 |
| Houston | 565.50 | 5.00 | 738.50 | 12.50 |
| Fujairah | 569.50 | 0.50 | 773.50 | 3.00 |
| Global 20 Ports Average | 598.00 | 1.50 | 787.00 | 8.50 |
| Global 4 Ports Average | 562.50 | 1.50 | 723.50 | 6.50 |
| Global Average Bunker Price | 640.50 | 0.50 | 831.00 | 2.00 |
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