Escalating Tensions in the Red Sea: Impact on Global Shipping and Suez Canal Fees

Since November last year, Houthi rebels have launched at least 60 attacks on the Red Sea shipping route, continuously affecting global maritime transport.

Additionally, the Suez Canal recently announced the imposition of an additional fee of at least $3,500. On March 12th local time, the Houthi rebels in Yemen declared that they had fired multiple missiles at a cargo ship sailing in the Red Sea, hitting the target accurately.

As the holy month of Ramadan approaches, the Houthi rebels have also stated that they will intensify attacks on the waters near the Red Sea during Ramadan to show support for the Palestinian people in Gaza.

In response, the UK Maritime Trade Operations office stated that the “Pinocchio” vessel was targeted by missiles in the Red Sea but no crew members were injured, and the ship was undamaged.

The “Pinocchio” cargo ship, flying the flag of Liberia, is owned by a shipping company based in Singapore and has connections to the American Oaktree Capital Management.

According to China’s CCTV News, on March 11th local time, the port city of Hodeidah in Yemen and other western coastal areas were hit by at least 17 airstrikes by the US and UK coalition, with four attacks occurring at the Ras Isa port.

Meanwhile, the Suez Canal, affected by the tense situation in the Red Sea, announced new fee policies. On March 12th local time, the Suez Canal Authority announced that starting from May 1st, ships refusing or unable to accept mooring services will be charged an additional $5,000.

The Suez Canal Authority also introduced new mooring and lighting service fee standards, where each transiting ship will be charged a fixed mooring and lighting service fee totaling $3,500 according to the new regulations. If a passing ship requests lighting services or the lighting does not meet navigation standards, the lighting service fee will increase by $1,000 to a total of $4,500, including mooring and lighting services.

With the escalation of the situation in the Red Sea and adjustments in Suez Canal policies, shipowners and freight forwarders are advised to stay informed about changes in schedules and freight rates.

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