suez canal

Trade leaders urge governments around world to join Red Sea defense

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A ship transits the Suez Canal towards the Red Sea on January 10, 2024 in Ismailia, Egypt. Sayed Hassan | Getty Images Trade associations representing sectors across the global economy have joined an open letter urging more governments around the world to join Red Sea maritime security efforts. The letter, obtained exclusively by CNBC, was … Read more

Global shipping rates set to surge as carriers avoid Red Sea

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The global supply chain is feeling the fallout from Iran-backed Houthi rebels attacking vessels in the Red Sea. Freight prices are set to jump Monday, while longer transit times around Africa are disrupting and delaying deliveries of products. Vessels aren’t able to come back to Asia in time, and ocean carriers are canceling sailings on … Read more

Basmati prices cool at home as a restive Red Sea hurts exports

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KOLKATA: Exports of basmati rice have fallen due to militant attacks against merchant ships in the Red Sea, leading to 5-10% fall in basmati prices in the domestic market, exporters said. Leading shipping lines’ decision to avoid the Suez Canal route amid Houthi attacks has also impacted sunflower oil imports from Russia and Ukraine. Sunflower … Read more