The global oil market is facing a significant challenge due to a shortage of oil tankers, exacerbated by recent Houthi attacks in the Red Sea. These attacks have led to widespread diversions in global petroleum trades, with large crude carrier deliveries hitting their lowest point in almost four decades. The industry's longstanding warnings about the insufficient construction of new oil tankers are now materializing, with only two new supertankers scheduled to join the fleet in 2024, marking the fewest additions in nearly four decades. The situation has been further complicated by a Houthi attack on a cargo ship in the Red Sea, resulting in a miles-long oil slick. This crisis has not only disrupted global trade but also significantly impacted British retailers and exporters, with more than half reporting disruptions. Traffic through the Suez Canal has dropped by over 40%, leading to a 50% decrease in revenue. Additionally, the cost of shipping from Asia to Europe for British companies has surged by 300% due to Yemen's blockade of the Red Sea, causing logistical delays and extending delivery times by three to four weeks.
The cost of shipping from Asia to Europe has increased by 300% for British companies due to Yemen's blockade of the Red Sea. According to a survey by the British Chamber of Commerce, logistical delays have increased delivery times by three to four weeks. Such delays cause cash… https://t.co/L7WiwtS4HA
Several months into the conflict in the Red Sea, traffic through the Suez Canal has dropped > 40% (revenue -50%). The cost increases are likely to accelerate, as they were initially offset by spare capacity in the shipping-freight industry (per British Chamber of Commerce). In…
Recent attacks on cargo ships by Iran-backed Houthi rebels have affected British retailers and exporters, with more than half feeling the impact. https://t.co/tNm0gB30zC
Over half of UK exporters face disruption from Houthi attacks in the Red Sea, according to an influential business survey https://t.co/hCkb6uVEv1 https://t.co/8bb8RCYQ2n
More than half of UK retailers affected by Houthi disruption, survey shows https://t.co/ksiGaWuzJf
Oil Tanker Shortage Emerges After Red Sea Crisis Disrupts Global Trade https://t.co/UImC5ovU3W
Houthi attack on a cargo ship in the Red Sea has caused a miles-long oil slick. Things could get worse #terrorism https://t.co/6bZo32zLMx
Longstanding warnings that too few oil tankers are being built are coming back to haunt the global energy market. Just two new supertankers are due to join the fleet in 2024 — the fewest additions in almost four decades. https://t.co/6u2oLYhZax via @iamsharoncho @alexlongley1 https://t.co/IjpJf2qZod
Shortage of Oil Tankers at Hand as Red Sea Attacks Divert Trade Longstanding warnings from the oil tanker industry that too few of the ships are being built are coming back to haunt the market after Houthi attacks on commercial shipping caused widespread diversions in global… https://t.co/1TV80BXSy6
Shortage of Oil Tankers at Hand as Red Sea Attacks Divert Trade Large crude carrier deliveries at lowest in almost 40 years Cargo diversions and disruptions are adding to tanker demand #oott https://t.co/OUgj3HXdMC
Longstanding warnings that too few oil tankers are being built has come back to haunt the market after attacks in the Red Sea caused widespread diversions in global petroleum trades. https://t.co/hkxwqGmxQy