World News
Star Bulk Halts Red Sea Transits After Houthi Attacks
Shipping firm Star Bulk has instructed its ships to avoid the Red Sea after two recent attacks on its vessels in the area from Yemen's Houthi movement.
The decision follows an attack on the Star Nasia on February 6 and the Star Iris on February 12.
Petros Pappas, CEO of Star Bulk, announced the decision on an earnings call on Tuesday.
"Going forward, we will not be passing Suez Canal anymore because we are obviously a target of the Houthis, being a public company registered in the US," Pappas said.
Commercial ships operating near Yemen have been coming under attack from the country's Houthi movement over the past three 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 | 611.00 | 1.50 | 730.00 | 7.00 |
| Rotterdam | 557.50 | 1.00 | 718.50 | 2.00 |
| Houston | 576.00 | 1.00 | 750.50 | 2.50 |
| Fujairah | 608.50 | 2.50 | 829.00 | 2.00 |
| Global 20 Ports Average | 624.50 | 2.50 | 817.50 | 3.00 |
| Global 4 Ports Average | 588.50 | 0.50 | 757.00 | 2.50 |
| Global Average Bunker Price | 678.50 | 3.50 | 883.50 | 2.00 |
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