Weekly shipping transits through the Suez Canal, a vital trade link between Europe and Asia, plunged by 42 per cent in the last two months, as Yemen's Houthi rebels continued to attack vessels passing through the Red Sea, a report has shown.
The UN agency for the interests of developing countries in world trade, Unctad, carried out a study as major players in the shipping industry suspended or withdrew Suez transits.
“The crisis in the Red Sea, marked by Houthi-led attacks disrupting shipping routes, has added another layer of complexity,” Unctad said on Friday, as it also highlighted upheaval in the Black Sea due to war between Russia and Ukraine and the impact of climate change on the Panama Canal as water levels recede.
The Suez Canal in Egypt is an artery for international trade, with about 12 per cent of the world's shipping traffic passing through it.
Many shipping companies have rerouted their vessels away from the Suez, amid Houthi the attacks, and are sailing through the Cape of Good Hope on the southern tip of Africa.
The diversion increases sailing time and raises costs for the transportation of goods.
Container ship transits per week have plummeted by 67 per cent compared to a year ago, with container carrying capacity, tanker transits and gas carriers “experiencing significant declines,” the report said.
Earlier this month, Qatar temporarily paused some liquefied natural gas shipments through the Red Sea but later resumed sailing through that route, according to live updates from the Marine Traffic ship tracker. However, LNG deliveries may be delayed due to disruption in the Red Sea, according to state-owned Qatar Energy.
The UN trade body expressed “profound concerns” as global trade continues to be disrupted elsewhere, including in the Black Sea and Panama Canal.
“The recent attacks on Red Sea shipping, coupled with existing geopolitical and climate-related challenges, have given rise to a complex crisis affecting key global trade routes,” Unctad said while underscoring the critical role played by maritime transport in the international trade, which is responsible for over 80 per cent of the global movement of goods.
Container freight rates are surging amid the crisis, with the average container spot freight rates during the last week of December, rising by more than $500 in one week, which “was the highest ever weekly increase,” it said.
Average container shipping spot rates from Shanghai last week are up by 122 per cent compared to early December, while the rates from Shanghai to Europe went up by 256 per cent, according to the report.
Rates to the US West Coast also increased.
“The cumulative effect of these disruptions translates into extended cargo travel distances, escalating trade costs and a surge in greenhouse gas emissions from shipping having to travel greater distances and at greater speed,” the report said.
Interruptions extending for a longer time, particularly in container shipping, pose a direct threat to global supply chains, which could delay the delivery of goods and increase costs.
However, consumers are not expected to feel the impact of higher freight rates immediately and it “could manifest within a year”, the UN agency said.
Oil prices are also continuing to rise, with both the global benchmarks including Brent and WTI posting their biggest weekly gain since October on supply concerns amid the Middle East tensions.
“The crisis is also reverberating in global food prices, with longer distances and higher freight rates potentially cascading into increased costs. Disruptions in grain shipments from Europe, Russia and Ukraine pose risks to global food security, affecting consumers and lowering prices paid to producers.”
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
First Person
Richard Flanagan
Chatto & Windus
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
Dunki
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
A list of the animal rescue organisations in the UAE
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UAE currency: the story behind the money in your pockets
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The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Ukraine
Capital: Kiev
Population: 44.13 million
Armed conflict in Donbass
Russia-backed fighters control territory
