World News
Hong Kong's OOCL Halts Shipments to Israel
Hong Kong-based container line OOCL has halted shipments to and from Israel in an apparent response to recent threats to commercial shipping in the Middle East.
The firm is stopping the shipments 'due to operational issues', it said in a statement on its website on Saturday.
"Due to operational issues, OOCL will stop cargo acceptance to and from Israel with immediate effect until further notice," the company said.
Since Friday, four leading container lines -- MSC, AP Moller-Maersk, CMA CGM and Hapag-Lloyd -- have instructed their ships to avoid the Red Sea altogether in response to recent attacks from Yemen's Houthi movement.
Avoiding the Red Sea will mean not using the Suez Canal, which will add several thousand nautical miles to average voyage lengths for these companies' fleets.
The Houthis have been targeting ships in the Red Sea and Baab al-Mandab for missile strikes, drone attacks and boardings in response to the worsening conflict in Gaza. These attacks were initially aimed at ships linked to Israeli ownership, but have become more indiscriminate over the past week.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 582.50 | 6.50 | 681.00 | 4.50 |
| Rotterdam | 519.00 | 4.50 | 669.00 | 7.50 |
| Houston | 550.00 | 2.50 | 658.50 | 12.50 |
| Fujairah | 573.00 | 9.50 | 753.50 | 4.50 |
| Global 20 Ports Average | 593.50 | 6.00 | 750.50 | 5.50 |
| Global 4 Ports Average | 556.00 | 6.00 | 690.50 | 7.00 |
| Global Average Bunker Price | 639.50 | 4.50 | 809.50 | 3.00 |
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