• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Maersk halts Red Sea shipping until further notice after Houthi militant attack
Editor's Pick

Maersk halts Red Sea shipping until further notice after Houthi militant attack

by January 4, 2024
by January 4, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Maersk will pause all shipping through the Red Sea and Gulf of Aden until further notice after one of its vessels came under attack from militants over the weekend, the company announced Tuesday.

The decision by the Danish shipping giant extends a 48-hour pause implemented on Sunday in the immediate aftermath of the attack.

“We have made the decision to pause all transits through the Red Sea / Gulf of Aden until further notice,” the company said in an update to customers.

Oil prices were volatile Tuesday, jumping more than 2% earlier in the day on Red Sea tensions but later giving up those gains. U.S. crude was last down 82 cents, or 1.14%, to trade at $70.83 a barrel. Brent lost 68 cents, or 0.88%, to trade at $76.36 a barrel.

Helima Croft, head of global commodity strategy at RBC Capital Markets, said oil prices do not reflect the increase in tensions because traders are not convinced that a major supply disruption is on the horizon.

“The market is basically saying ‘we will wait and see until something happens,’” Croft told CNBC on Tuesday. “But it’s really getting much more serious every day,” she said of tensions in the region.

The container ship Maersk Hangzhou came under attack over the weekend by four small boats crewed by Houthi militants, who are based in Yemen and backed by Iran.

U.S. Navy helicopters responded to a distress call from the Maersk Hangzhou and fired on the militants after coming under attack, sinking three boats and killing the crews, according to the U.S. Central Command.

“An investigation into the incident is ongoing and we will continue to pause all cargo movement through the area while we further assess the constantly evolving situation,” Maersk said in its Tuesday update.

Vessels will be rerouted and continue their journey around the Cape of Good Hope in Africa in cases where this makes sense, the company said.

Houthi militants have repeatedly attacked vessels in the Red Sea in recent weeks in response to the war in Gaza. The attacks have raised concern about disruptions to global trade through the crucial waterway.

Some 12% of global trade and about 3 million barrels of crude oil pass through the Red Sea per day, according to RBC Capital Markets.

This post appeared first on NBC NEWS
You Might Also Like
  • Has the Stanley cup hype reached its peak?
  • Delta says chaos after CrowdStrike outage cost it $550 million
  • Globalstar Signs Commercial Agreement with Wiagro to Supply IoT Transmitters for Agtech Applications
  • JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Sprouts Farmers Market: A Hidden Gem on the Corner of Wall and Main Street?
next post
January: NASDAQ Has the Best Odds of Gains, BUT…

You may also like

Amazon and Nvidia say AI data center demand is not...

April 24, 2025

Fed holds interest rates but keeps door open to a...

August 1, 2024

U.S. economy grew at a 2.8% pace in the second...

July 25, 2024

Holiday travelers can expect cheaper flights, packed hotels and lots...

November 20, 2023

UPS workers overwhelmingly approve new contract, ending strike threat

August 23, 2023

DeSantis-controlled Disney World district gets rid of all diversity programs...

August 3, 2023

Federal judge overturns $4.7 billion jury verdict in ‘Sunday Ticket’...

August 2, 2024

Drought and extreme heat burn through farmers’ margin for error...

July 18, 2023

Bitcoin approaches new all-time high after surpassing $65,000

March 5, 2024

Inflation is easing. What does that mean for your grocery...

July 13, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Hedge Market Volatility with These Dividend Aristocrats & Sector Leaders

      June 2, 2025
    • What’s Next for Dollar Tree, CrowdStrike, and Broadcom? Watch These Setups

      June 2, 2025
    • The Best Five Sectors, #21

      June 2, 2025
    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,767 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,473 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,452 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,435 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,310 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,585)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Hedge Market Volatility with These Dividend Aristocrats & Sector Leaders

      June 2, 2025
    • What’s Next for Dollar Tree, CrowdStrike, and Broadcom? Watch These...

      June 2, 2025
    • The Best Five Sectors, #21

      June 2, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,585)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Würth Elektronik partners with Crypto Quantique...

    February 13, 2023

    American Airlines raises bag fee by...

    February 21, 2024

    Dow tumbles 500 points, posts worst...

    February 19, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here