Walden Macht Haran & Williams LLP’s Post

International Chemical and Product Tanker Conference 2024 in London on 23-24 April! Ongoing conflicts and sanctions around the world persistently impact the trades and operations of chemical, product, and LPG tankers. Industry experts will provide insights into navigating geopolitical tensions, addressing the dark fleet and ship-to-ship transfers, understanding the financing landscape and the role of banks within the sector. On 23 April at 11:00 AM CEST, Ian Wilkinson GCGI, PortRisk Manager at Risk Intelligence, will present on the "Impacts of migrant rescues and regional conflicts on tanker shipping." This session will delve into crucial topics, including rescuing distressed migrants, navigating regional conflicts and providing recommendations for risk mitigation in high-risk zones. The discussion will offer insights into dealing with Houthi rebel attacks and exploring the implications of turning off AIS transponders. A Q&A session will follow the presentation at 11:40 AM CEST. For more detailed information on the conference program, visit: https://bit.ly/49yXass #marsec #maritime #maritimesecurity #ports #maritimeindustry #threats #riskintelligence #riskmanagement #shipping #shippingindustry #conference #tankershipping

ECSA and ETF express deep concerns over recent attacks on commercial vessels in the Red Sea and the Gulf of Aden - https://lnkd.in/dvBS3qaH #cruiseindustry #maritime #maritimenews #maritimeindustry #ship #shipnews #maritimelogistics #cruise #cruiseship

It’s a sensible strategy that has merit. But the security overlay must be contingent on a strong trade and investment promotion. 2 middle power economies, 1 billion people combined and large commodities: critical minerals, agri/fisheries and services, it’s worth a shot. https://lnkd.in/gzS_5gn2

Russian drone attacks and the presence of sea mines make Ukraine’s Danube river ports a high-risk destination, but regional shipowners remain undeterred in their pursuit of lucrative trading opportunities. A Turkish shipowner, who prefers not to be named, told Lloyd’s List that their willingness to engage in Ukraine’s Danube trade has not changed despite its vessel being in the vicinity of a mine explosion while near one of the river ports last month. Ukraine’s Danube ports offer better daily earnings for shipowners than other regional markets, although this differential is now lower than it used to be. Nearly 90% of the Danube trading fleet is under 10,000 dwt and the average vessel age is 30 years, according to Lloyd's List Intelligence data https://lnkd.in/gE39ywKa

🚢 𝗥𝗲𝗱 𝗦𝗲𝗮 𝗦𝗵𝗶𝗽𝗽𝗶𝗻𝗴 𝗖𝗿𝗶𝘀𝗶𝘀 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗔 𝗗𝗲𝗲𝗽 𝗗𝗶𝘃𝗲 𝗶𝗻𝘁𝗼 𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗲𝗻𝗱𝘀 & 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗖𝗼𝗻𝗰𝗲𝗿𝗻𝘀 First of all thanks to my audience and followers, feedback to my Red Sea crisis updates were really super positive why I keep updating you with some further facts, thanks for liking and sharing 🙏. Our vital maritime routes are still facing significant challenges, with the Red Sea crisis at the center stage. Here’s the latest data and developments: 📈 𝗠𝗮𝗿𝗸𝗲𝘁 𝗔𝗱𝗮𝗽𝘁𝗮𝘁𝗶𝗼𝗻: Container shipping rates’ surge from rerouting has hit a plateau. The SCFI dropped 2.7%, signaling a market shift to a new equilibrium. 🎯 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗮𝘁 𝗦𝗲𝗮: The strike on the Marlin Luanda tanker by a missile has amplified the security risks for vessels transiting near the Red Sea, with no casualties but raising serious concerns for future passages. 🌐 𝗚𝗹𝗼𝗯𝗮𝗹 𝗧𝗿𝗮𝗱𝗲 𝗔𝗹𝗲𝗿𝘁: UNCTAD has expressed alarm over disruptions not just in the Red Sea, but also in the Black Sea and Panama Canal, emphasizing the widespread impact on international trade. With rate surges leveling off, the realignment of shipping strategies is crucial. Meanwhile, the escalation of security incidents requires unwavering attention to ensure the safety of crews and cargo. #transauriga #smartsolutions #containershipping #redseacrisis

Yemen's Houthi rebels have been conducting attacks on Red Sea ships, which is causing concern for those in the global factoring, supply chain finance, and trade finance industries. As these attacks continue, costs and delays in global shipping are being felt. According to Reuters Graphics, redirecting ships around Africa's southern tip is costing an estimated $1 million in additional fuel for each round trip between Asia and Rotterdam. This visual story by Reuters Graphics provides a complete overview of the attacks since they began in late November. It breaks down the ships that were hit or hijacked, the arsenal used by the Houthis, and the U.S. and international response. Many companies and governments are looking for ways to resolve these disruptions as soon as possible. Stay informed and up-to-date on this important issue affecting global trade. Check out the full story by Niccolo Conte via Reuters Graphics. #Yemen #HouthiRebels #GlobalTrade #ShippingIndustry #RedSeaAttacks

Shipping giant Maersk has confirmed that its vessels will take the Cape of Good Hope route Shipping giant Maersk has confirmed that its vessels will take the Cape of Good Hope route around the south of Africa after a spate of attacks by Houthi militants from Yemen, according to CNBC. https://bit.ly/481xrsT Germany’s Hapag-Lloyd has also announced that its vessels will take the lengthier Cape of Good Hope route between the continents, citing an “unacceptable” safety risk after an attack on its ship, the Al Jasrah, in the Red Sea. The Cape of Good Hope route reduces an Asia-Europe trip’s effective capacity by 25%, according to analysts at UBS. At least two ships were targeted with projectiles on Monday, according to official reports. Houthi leaders say they are pursuing Israel and all Israel-bound vessels as a result of the war in the Gaza Strip. Maersk said that, after monitoring the situation since suspending the routes on Friday, it had decided all vessels currently on hold and previously scheduled to travel via the Red Sea would take the Cape of Good Hope. The vessels will continue on diverted routes “as soon as operationally feasible,” the company added. #maersk #suezcanal #capeofgoodhope #supplychain #houthi Picture credit: intlreg.org

In recent weeks, we’ve seen a significant escalation in the Red Sea crisis, with Houthi rebels in Yemen stepping up attacks on commercial shipping vessels. This situation has led to disruptions in one of the world’s most densely packed shipping channels, through which about 12% of global trade and 30% of global container traffic passes. The LNG market has also been affected. At least three LNG carriers looking to transit the Suez Canal have diverted to longer routes. While the risk of disruptions at the Suez Canal for the global LNG market is relatively limited due to ample supply availability, these changes in transit flows could lead to short-term delays, particularly for U.S. shipments heading to China/Asia. Despite these challenges, many LNG market players believe that any disruption would not have a massive impact on global supply. However, the situation underscores the importance of geopolitical stability for the smooth functioning of global trade and energy markets. For more details, I recommend this insightful article: https://lnkd.in/dUtQzwN4

An extract from a mini assignment: The Suez Canal blockade In March 2021, caused a daily trade delay of about USD 9.6 billion, with more than 400 vessels impacted by the delay, and even after the obstruction was cleared, it probably affected other supply chain and transportation operations (Gast, Binsfeld, Marsili, & Jahn, 2021). A finding by Wan, Su, Li, Zhang, Zhang, and Chen (2023) has shown that after the blockade that following the closure of the Suez Canal, Africa saw the biggest average change in all metrics at 50%; due to maritime trade being vital to many African nations, which are economically underdeveloped and rely on it for their industrial development and standard of living. The most important results of a study done by Harun-Al-Rashid, Yang, and Shin, (2022) was that the necessity of maritime surveillance to prevent or at least minimise maritime anomalies is demonstrated by this blockage incident. They further highlight the importance of potentially implementing Warning Systems for vessels coming after one that would be grounded, because in the case of the Ever- Given grounded vessel, caution would have been issued for two other vessels (MMSI 338418000 and 564511000),in the convoy behind the Vessel before entering the canal ( Harun-Al-Rashid, et al.,2022).

The $9.4 billion dilemma: Egypt will need to act against Houthis to protect Suez Canal. The announcement by the world's four largest shipping companies about suspending sailing through the Suez Canal due to the increasing Houthi attacks is not only a severe blow to global trade but, more importantly, to Egypt's national security.