LNG Tanker Braves the Red Sea

A liquefied natural gas carrier has braved the Red Sea for only the second time since last June after the Yemeni Houthis launched an offensive against most vessels perusing the route.

Reuters reported that the Liberian-flagged vessel, by the name of Trader III, was unloaded and moving from the Suez Canal to the Bab el Mandeb strait, based on data from Kpler and LSEG. The vessel last loaded in Brazil and its destination was Turkey, according to the data.

‘;
document.write(write_html);
}

The Yemeni Houthis have been targeting vessels passing through the Bab el Mandeb strait since November 2023 in reaction to Israeli bombings of Gaza. Initially, the group said it would only target Israeli ships and those sailing under flags of Israeli allies but later expanded its campaign. Attempts by the U.S. and some European allies to put an end to the attacks failed to produce any results.

Following the recent signing of a ceasefire between Israel and Hamas, the Houthis said they would reduce their targets among vessels traversing the Red Sea but President Donald Trump’s idea of the U.S. taking over Gaza prompted fears that the Yemeni militants could resume attacks on ships in the Red Sea.

The Houthis said that after the ceasefire they will only target Israeli-owned and Israel-based vessels, which led to a gradual recovery in maritime traffic through the Red Sea, according to the Financial Times. The publication reported in early February that in the week that followed the ceasefire declaration of the Houthis, traffic in the Red Sea had inched up by 4%.

The Red Sea route is the shortest one between Asia and Europe, including in energy trade. This is an important consideration for European energy importers especially right now during peak seasonal demand and the corresponding higher spot market prices. Right now, a lot of traffic between Asia and Europe goes around Africa, which adds days to journeys and millions of dollars to transportation costs.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com

 

  • Related Posts

    Qatar Cuts Prices for Its Oil

    Qatar has followed Saudi Arabia in cutting the price of its al-Shaheen crude for May deliveries, Reuters has reported, citing trade sources. Al-Shaheen for delivery in May will now cost…

    Russia Switches to Crypto in Oil Trade

    Russia is increasingly using cryptocurrencies in its oil trade with top clients China and India amid U.S. sanctions, Reuters has reported, citing unnamed sources, who said Russian oil traders were…

    Have You Seen?

    DAC one focus with European CO2 Summit 2025 around the corner

    • March 14, 2025
    DAC one focus with European CO2 Summit 2025 around the corner

    UK risks falling behind on SAF targets, advisory body warns

    • March 14, 2025
    UK risks falling behind on SAF targets, advisory body warns

    Oil Prices Rebound on Unclear Path to Ukraine Ceasefire

    • March 14, 2025
    Oil Prices Rebound on Unclear Path to Ukraine Ceasefire

    Qatar To Supply Natural Gas To Syria’s New Government

    • March 14, 2025
    Qatar To Supply Natural Gas To Syria’s New Government

    Iran Sanctions Prop Up Oil Prices

    • March 14, 2025
    Iran Sanctions Prop Up Oil Prices

    Russia Switches to Crypto in Oil Trade

    • March 14, 2025
    Russia Switches to Crypto in Oil Trade

    Qatar Cuts Prices for Its Oil

    • March 14, 2025
    Qatar Cuts Prices for Its Oil

    EPA Says it is Initiating ’31 Historic Actions’

    • March 14, 2025
    EPA Says it is Initiating ’31 Historic Actions’

    Alternative fuels ship regs not likely before 2028 ‘at earliest’

    • March 14, 2025
    Alternative fuels ship regs not likely before 2028 ‘at earliest’

    Air Liquide raises €500m through green bond to support energy shift

    • March 14, 2025
    Air Liquide raises €500m through green bond to support energy shift