Trending: BP, Shipping Majors Stop Shipments Through Red Sea After Attacks
December 18 2023 - 9:07AM
Dow Jones News
1326 GMT - BP is among the most mentioned companies across news
items over the past four hours, according to Factiva data, after
the energy major suspended all its oil-tanker shipments through the
Red Sea after attacks in the area from Yemen's Houthi rebels. The
move follows similar decisions from major shipping and logistics
companies that have seen attacks on their vessels in the Red Sea.
"We will keep this precautionary pause under ongoing review,
subject to circumstances as they evolve in the region," a BP
spokesperson told Dow Jones Newswires. Germany's Hapag-Lloyd,
Denmark's A.P. Moller-Maersk, Italian-Swiss Mediterranean Shipping
Company and France's CMA-CGM have all suspended shipments through
the Red Sea in recent days. Total oil shipped through these waters
accounted for around 12% of total seaborne oil trade in the first
half of the year, while liquefied natural gas shipments accounted
for around 8% of worldwide LNG trade. Container rates could go up
in the near-term due to the deteriorating security situation, Citi
analysts say in a research note. Dow Jones & Co. owns Factiva.
(christian.moess@wsj.com)
(END) Dow Jones Newswires
December 18, 2023 08:52 ET (13:52 GMT)
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