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...Desai’s AND Partners LLC will provide services including “research on considerations around potential imposition of sanctions administered by the United States Office of Foreign Assets Control upon [Troost...
...Among the latest actions, the PCAOB found that PwC ignored red flags in its audit of Aegean Marine Petroleum Network, one of the world’s largest traders of shipping fuel, which went bust in 2018 as a result...
...The responsibility for keeping the trade artery open between east and west no longer lies with commercial shipping companies....
...That means earnings for shipping companies and their shareholders also have a tendency for exaggerated cyclicality....
...But the disruption has been something of a gift to shipping lines. Danish containerline Maersk joined other groups and confirmed this week that transits along the route would pause....
...Shipping analysts at Sea Intelligence said that shipping line customers were “caught between a rock and a hard place” by the operators’ decisions to increase vessel speeds....
...“There are simply not enough ships available globally . . . to cover these much longer extended transit times.”...
...Some rival shipping groups including AP Møller-Maersk have suspended the Red Sea route linking Europe and Asia....
...Drought has cut Panama Canal transits, while rocket attacks recently drove Maersk and others to pause Red Sea transits....
...The company added that it was working on plans for the first transits to resume “as soon as operationally possible”, but warned that it could reverse the decision, depending on the risks....
...“The principle is that we will not go back [until] we believe there’s a safe transit and we do not think that, with the current threat in Yemen, that any military protection will be sufficient,” Kristoffersen...
...“Container transits [of the Red Sea] are remaining at low levels and transits round the Cape building,” Gordon said....
...Letter in response to this article: Shipping lives with arcane world of geopolitics / From Enrico Vergani, Partner and Lead on Shipping, Transport & Logistics, BonelliErede (lawyers), London EC4, UK...
...“If the Houthis say they would no longer attack shipping, I think a lot of shipping lines will resume the transit through the Gulf of Aden and the Red Sea,” Larsen said....
...“Maersk and other shipping companies will now be thinking in months and quarters rather than days and weeks.”...
...The attack seems likely to have been a result of the ship’s previous ownership by Oaktree, one of the US private equity firms that is most active in shipping investment....
...Tomasz Wieladek, chief European economist at T Rowe Price, noted that global shipping has also been under pressure from a drought in the Panama Canal, which has reduced transit slots....
...has so far been much smaller, with many still choosing to transit the route despite more than 25 attacks by Houthi militants on shipping since November....
...Transits have been restricted for the coming months, and prices have gone up. The canal normally carries 5 per cent of seaborne trade, particularly US fuels and grains bound for Asia....
...Kyiv has taken advantage of proximity to Nato territory, ensuring that shipping passes close to the coasts of Romania, Bulgaria and Turkey — all Nato allies willing to support the transit of commercial ships...
...Analysts and shipping executives also expect further diversions to boost the currently modest rates for crude oil tankers....
...shipping....
...“The Panama Canal urges its customers to make reservations in order to transit as programmed.”...
...There have been some concerns that the shipping disruption could raise inflation....
...It’s Egypt above all which is suffering — its revenues from canal transit fees, a major source of foreign exchange, are down 40 per cent this year....
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