Crisis in the Red Sea affects the profits of global companies
World
Tensions in the Red Sea, caused by attacks on ships by the Houthis, have begun to affect oil transport.
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Previously, tankers carrying 12% of the world's offshore oil trade continued to use the Suez Canal for transfers. However, the situation is now changing, notes Bloomberg news agency.
After container ships were diverted to bypass Africa by major logistics companies, only a third of normal container traffic passes through the canal. After the US and UK airstrikes on Yemen, the number of tankers on the canal decreased by more than 50 per cent. The insurance premium is now about 1 per cent of the cargo, but if the conflict intensifies, it could be increased to 1.8 per cent, making passage through Suez as costly as a ship bypassing Africa.
This will affect exporters dependent on the Suez Canal, primarily Russia. Saudi Arabia, whose tankers go directly to Asia, may increase supplies and put pressure on prices.
A trend can already be seen: in the last two months, Russia's share of shipments to China and India has fallen from 20 per cent to 18 per cent, while the Saudis' share has risen from 15 per cent to 16 per cent. This could cause resentment between Russia and Saudi Arabia, which could undermine OPEC unity.
After container ships were diverted to bypass Africa by major logistics companies, only a third of normal container traffic passes through the canal. After the US and UK airstrikes on Yemen, the number of tankers on the canal decreased by more than 50 per cent. The insurance premium is now about 1 per cent of the cargo, but if the conflict intensifies, it could be increased to 1.8 per cent, making passage through Suez as costly as a ship bypassing Africa.
This will affect exporters dependent on the Suez Canal, primarily Russia. Saudi Arabia, whose tankers go directly to Asia, may increase supplies and put pressure on prices.
A trend can already be seen: in the last two months, Russia's share of shipments to China and India has fallen from 20 per cent to 18 per cent, while the Saudis' share has risen from 15 per cent to 16 per cent. This could cause resentment between Russia and Saudi Arabia, which could undermine OPEC unity.
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