This is an automated archive made by the Lemmit Bot.
The original was posted on /r/worldnews by /u/zsreport on 2023-12-18 13:21:01.
BP pauses oil tanker transits through Red Sea. Oil prices surge
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.cnn.com/2023/12/18/investing/bp-pauses-transit-through-red-sea/index.html
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
BP said Monday that it would pause all shipments through the Red Sea because of increased attacks on vessels by Houthi militants in Yemen.
The news disrupted the entire energy market: Futures prices for Europe’s benchmark natural gas contract surged nearly 8%, before paring gains to trade 5.5% higher by early afternoon Monday, at €35 ($38.20) per megawatt hour.
Evergreen Group’s container shipping arm joined that list Monday, saying in a statement that it would suspend its Israel import and export service “with immediate effect until further notice.”
“The situation is further deteriorating and concern of safety is increasing,” French group CMA CGM said in a statement Saturday as it announced that ships due to pass through the Red Sea had been instructed to pause their journeys “until further notice.”
“Global freight can expect to see rate increases, rerouting and longer transit times,” said Judah Levine, head of research at logistics company Freightos.
The analysts said that, if the disruptions persisted, shippers might be able to “lock in higher-than-expected rates” as they renegotiate long-term contacts in the coming days and weeks.
The original article contains 526 words, the summary contains 181 words. Saved 66%. I’m a bot and I’m open source!