Latest news with #RedSea
Zawya
10 hours ago
- Business
- Zawya
Egypt: Canal Shipping extends operation deal for 2 storage yards at Safaga Port
Arab Finance: Canal Shipping Agencies has extended its contract with the Red Sea Ports Authority for managing and operating two cargo storage yards at Safaga Port to 10 years for each one, according to a bourse disclosure. The company inked a partnership agreement with the Suez Mechanical Stevedoring Company on October 8 th, 2023, to operate the two yards in exchange for a percentage of the general revenue. A total of 80% of the revenues will be allocated to the Red Sea Ports Authority, while the remaining 20% will be directed to the two companies. The previous agreement included seven years for operating the general cargo and vehicle storage yard, with an area of 24,320 meters, and five years for the hazardous materials yard, with an area of 5,140 meters. Furthermore, the minimum for managing and operating the two yards has been reduced to 32.700 million instead of 85 million. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Reuters
a day ago
- Politics
- Reuters
Iran and Israel trade accusations at UN shipping agency over sea lanes
LONDON, June 18 (Reuters) - Iran and Israel accused each other of endangering commercial activity in sea lanes around the Gulf and the Red Sea at the UN's shipping agency on Wednesday, as their military conflict escalated. Iran's delegation told a session of the International Maritime Organization's security committee that Israel had in recent days extended its "unlawful attacks" to include petrochemical and gas infrastructure in Asalouyeh along Iran's Gulf coast. "These actions directly endanger international maritime security and the global energy supply chain," Iran said in a statement to IMO delegates, which was livestreamed. "If the international community fails to take urgent and concrete measures to halt this unlawful aggression, the risk of escalation at sea becomes imminent." Iran has previously threatened to close the Strait of Hormuz to traffic in retaliation for Western pressure. Any closure of the strait could restrict trade and affect global oil prices. Commercial ships are being advised by maritime agencies to avoid Iran's waters around Hormuz, shipping sources said on Wednesday. Former Iranian Economy Minister Ehsan Khandouzi has said that tankers and liquified natural gas cargoes should only transit the Strait of Hormuz with Iranian permission. Iranian Supreme Leader Ayatollah Ali Khamenei rejected Donald Trump's demand for unconditional surrender on Wednesday, and the U.S. president said his patience had run out, though he gave no clue as to what his next step would be. Israel's mission told delegates the IMO's foundational principle of global maritime navigation safety was being "openly and aggressively threatened" by Iran, partly through support of Yemen's Houthi militia, whose attacks have severely disrupted shipping through the Suez Canal and Red Sea in recent years. "Iran has turned our whole region and the Red Sea specifically into a war zone. Through its political, financial and military backing of the Houthi rebels, Iran has enabled a campaign of maritime terrorism against civilian vessels," Israel said. "It seeks to weaponize the world's busiest sea lanes, hold international shipping hostage, and impose its will through violence." The London-based IMO is responsible for regulating the safety and security of international shipping and preventing pollution and comprises 176 member state countries. The statements from Israel and Iran on Wednesday were noted by the Maritime Safety Committee, an IMO spokesperson said. The agency has faced growing pressures that it was becoming politicised. In 2023 Russia said the IMO was departing from its technical role because of "external pressure", which was impacting the fair treatment of all member countries. Iran's offer to host a maritime event in 2023 was rejected after a proposal led by the United States to rescind the bid was approved in a vote.
Bloomberg
a day ago
- Business
- Bloomberg
Mideast Ship Insurance Costs Jump Following Iran-Israel Attacks
The cost of insurance for ships sailing in the Persian Gulf jumped as attacks between Iran and Israel raised risks for vessels in the area. Underwriters are now charging 0.2% of the value of a ship for calls into the Gulf, up from 0.125% prior to the conflict breaking out, according to Marcus Baker, global head of marine cargo and logistics at Marsh McLennan, the largest insurance broker. Rates have also climbed for calls into the Red Sea, he said.
Zawya
a day ago
- Business
- Zawya
Jordan: Foreign trade unaffected by Hormuz tensions
AMMAN — Jordan's foreign trade routes remain secure and largely unaffected by tensions in the Strait of Hormuz, according to the Ministry of Industry, Trade, and Supply, which confirmed that the Kingdom relies on the Bab Al Mandab Strait for its international trade operations. Ministry spokesperson Yanal Barmawi told Al Mamlaka TV on Sunday that Jordan's strategic stockpile of essential food commodities is 'safe and very comfortable,' with reserves of key staples such as wheat and barley exceeding national requirements. 'Supply chains are operating normally and are being closely monitored to ensure the continued availability of goods, particularly food items, whether imported or produced locally,' Barmawi said. He added that food supplies remain 'plentiful' across markets and that prices are stable despite regional disruptions. Barmawi noted that the ministry is 'actively monitoring the situation in the Red Sea and surrounding waters, particularly in light of recent military escalations between Israel and Iran.' He emphasised that Jordan's trade routes, both for imports and exports, primarily utilize the Bab Al Mandab Strait and nearby ports, not the Strait of Hormuz. To mitigate any potential disruptions, he said that the ministry has prepared contingency plans to maintain the flow of goods. 'These include alternative shipping routes through Syrian ports such as Tartus and Latakia, as well as land transit options through Syria to reach Eastern Europe, Turkey, Russia, and other destinations.' The spokesperson highlighted Jordan's 'proven' ability to respond to global challenges, citing the 'Kingdom's effective handling of supply chains during the COVID-19 pandemic, the Israeli attacks on Gaza, the Russia-Ukraine war, and other geopolitical crises.' 'The government has implemented a range of measures aimed at sustaining supply chains, safeguarding food stocks, and minimising the impact of rising shipping costs on the local market,' he said. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
RNZ News
2 days ago
- Politics
- RNZ News
Why NZ's involvement in possible US-Iran war may hang on Europe
File photo. Photo: RNZ / Samuel Rillstone An expert in warfare law says New Zealand might struggle to stay out of a US-Iran war if the Europeans get involved. As Israel continues its attacks on Iran, the US has moved additional fighter jets and ships to the region and President Donald Trump is warning that "patience is wearing thin". Professor and specialist in the laws of war, Al Gillespie of Waikato University, said the White House may seek military or diplomatic backing from its partners. "It will be hard if the Europeans get involved because the the British and the French appear to be willing to deploy something and if we get pulled more towards the European line then it will become harder, and it will depend also what Australia does," he said. In 2003, New Zealand stood aside from Australia when it joined in the American war on Iraq. This time around, on the diplomatic front, "I really wouldn't want to call it", Gillespie said. "We [have] showed a willingness to get involved. We've been involved in the defence of the Red Sea recently. This is a step further. This is a significant step further." To back an offensive war by the US when other means had not been exhausted would be an "extreme inconsistency" with the government's stated support for the international rules-based order. Israel's attack was launched when the US and Iran were about to resume talks on Tehran's nuclear programme. Iran has accused the US of helping Israel in the attack already, with " weapons, intelligence and political backing". Legally, Trump would need approval from Congress to launch an offensive war outside the US. "In theory he can't, but he is very good at trying to sidestep these rules," Gillespie said. "If he can argue that the United States was at risk and imminent risk, then he could potentially use his authority. "Congress would probably support him if you put it to them and made the case." New Zealand was speaking the right language about adhering to the International Court of Justice, and "in theory" an illegal war by Trump could be brought to the UN Security Council, Gillespie said. The Security Council held an emergency session on 13 June where its Under-Secretary-General for political affairs said, "We must at all costs avoid a growing conflagration which would have enormous global consequences." In 1981, the council condemned an attack by Israel on nuclear site in Iraq. "You won't get that kind of consensus on the Security Council anymore," Gillespie said. New Zealand had "lost our voice" recently... such as on the war in Gaza in part, so silence might be an option over Iran, he said. "I'm not sure whether we would speak with any certainty about the illegality of what's just happened. "I'd say it's a diplomatic choice, but many of the reasons we do that are so that we don't incur the wrath of Mr Trump. "There's so many things to balance right now. There's the relationship with China, the relationship with the Middle East, there's the relationship with America, there's trade negotiations, there's security negotiations, there's AUKUS in the background, a lot of things get muddied. And so it's not clear which way New Zealand would go." Trump's "grand plan for the Middle East" was another unknown quantity. "No one's quite sure how all this fits into his equations." Emily Mosley of the Australian Institute of International Affairs said Trump was not all-powerful over Republicans in Congress and this allowed people even outside the US, to look for ways to have influence. The voting record, in how it sometimes contrasted with the social media posts emanating from the White House, showed there was room for pushback, she told an international affairs conference in Wellington on Tuesday. "The choice before us is clear: Engage with the whole breadth of American institutions and demand accountability and stability, or panic and risk eroding one of the most effective checks." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
