Explosion strikes near vessel in the Red Sea off Yemen as Houthi attacks continue

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US government has unveiled initial details of its $20bn reinsurance facility aimed at restarting shipping through the Strait of Hormuz following the American and Israeli strikes on Iran.<\/p><p style=\"margin-left:0px;\">The US Development Finance Corporation announced on Friday that its facility would be insuring losses up to about $20 billion “on a rolling basis” and will apply only to vessels “that meet the criteria”, <a href=\"https:\/\/www.dfc.gov\/media\/press-releases\/dfc-announces-20b-plan-maritime-reinsurance-gulf\">according to a statement<\/a>.<\/p><p style=\"margin-left:0px;\">Details of what that criteria entails were not immediately available.<\/p><p style=\"margin-left:0px;\">DFC chief executive Ben Black and Treasury secretary Scott Bessent launched the facility, following a directive from President Donald Trump to create a political risk insurance and financial security mechanism to ensure free energy flows. Trump also said the US Navy would escort tankers through the Strait “if necessary”, however no further details of that plan have been unveiled.<\/p><p style=\"margin-left:0px;\">“DFC and Treasury are coordinating closely with CENTCOM on next steps in the implementation of this plan,” the development agency said, referring to the US military’s central command.<\/p><p style=\"margin-left:0px;\">The DFC said it has identified “best-in-class, preferred American insurance partners.”<\/p><p style=\"margin-left:0px;\">The DFC plan was ordered by Trump after some governments, including the US, had suggested insurance availability was blocking transit. However insurance has continued to be provided by the market, albeit at significantly increased rates.<\/p><p style=\"margin-left:0px;\">The Lloyd’s Market Association said on Thursday following meetings with US government representatives, that it welcomed the DFCs intention to “support the movement of non-sanctioned vessels and their commodities through the Strait of Hormuz in order to facilitate global trade and economic stability”.<\/p><p style=\"margin-left:0px;\">However, the LMA also noted that “it is important to note that the vast majority of these vessels are insured in the London market and for those vessels, insurance currently remains in place”.<\/p><p style=\"margin-left:0px;\">While Lloyd’s List understands that insurers have expressed interest in partnering with DFC to offer the reinsurance, details on Saturday remained unclear.<\/p><p style=\"margin-left:0px;\">DFC, the US government’s international investment arm, said it will closely co-ordinate with Central Command, which runs American military operations in the Middle East.<\/p><p style=\"margin-left:0px;\">“Working alongside Centcom, DFC coverage will offer a level of security no other policy can provide,” Black said. “We are confident that our reinsurance plan will get oil, gasoline, [liquefied natural gas], jet fuel and fertiliser through the Strait of Hormuz and flowing again to the world.”<\/p><p style=\"margin-left:0px;\">Brent crude rose above $92 a barrel on Friday, its highest level since the start of the war.<\/p><p style=\"margin-left:0px;\">Separately, Bessent said the US may lift sanctions on further Russian oil supply after a move Thursday to give Indian refiners the green light to purchase crude from the nation.<\/p><p style=\"margin-left:0px;\">“Treasury agreed to let our allies in India start buying Russian oil that was already on the water,” Bessent said in an interview with Fox Business Friday. “To ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may unsanction other Russian oil.”<\/p><p style=\"margin-left:0px;\">Bessent said there’s “hundreds of millions of sanctioned barrels” of crude on the water now. “In essence, by unsanctioning them, Treasury can create supply,” he said.<br><br>Source: Lloydslist.com<\/p>","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/images\/President%20Trump%20Scott%20Bessent.png","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_images\/President%20Trump%20Scott%20Bessent.png","tags":["breakingnews shipping"],"count_view":34,"seo_name":"us-launches-20bn-reinsurance-facility-for-gulf-shipping","date_update":1773029100,"date_created_format":1773029506,"meta_title":"US launches $20bn reinsurance facility for Gulf shipping","meta_desc":"","meta_keyword":"breakingnews shipping","qr_code":"https:\/\/www.singabulk.com\/us-launches-20bn-reinsurance-facility-for-gulf-shipping"},{"id":635402,"name":"Cetus Maritime And Nachipa Merge Into New 65-Ship Giant","desc":"<p><strong>Hong Kong-based handysize owner and operator Cetus Maritime is merging its fleet with South American-based Nachipa Corp to create a 65-ship strong enterprise with roughly split 40 owned and 25 chartered vessels on the water.<\/strong><\/p>\n","content":"<p>The news comes just over a year after Cetus Maritime was created via the merger of Asia Maritime Pacific and HBC.<\/p>\n\n<p style=\"text-align: center;\"><img alt=\"Cetus Maritime and Nachipa merge into new 65-ship giant\" src=\"https:\/\/shippingtelegraph.com\/wp-content\/uploads\/2024\/02\/CETUS-MARITIME.jpg\" \/><\/p>\n\n<p>The combined enterprise will be known as Cetus Maritime and will focus on larger, modern, eco-designed handysize vessels.<\/p>\n\n<p>Over the past 18 months, Cetus Maritime has executed a fleet renewal strategy, by selling smaller, older vessels and purchasing larger, eco-designed handysize vessels.<\/p>\n\n<p>As the shipowner claims, with the addition of Nachipa&rsquo;s Japanese built, modern handysize vessels, Cetus&rsquo;s fleet is now comprised of &lsquo;75% eco-vessels&rsquo;.<\/p>\n\n<p>The company&rsquo;s focus is on larger versatile handysize vessels from 32,000 dwt up to 43,500 dwt.<\/p>\n\n<p>The management team, when the integration is completed by the end of next month, will look to additional growth opportunities, including acquisitions and consolidations.&nbsp;<\/p>\n\n<p>In a release on Friday 23, Cetus Maritime said it would continue to grow its fleet towards larger, uniform, attractive eco-designed vessels.<\/p>\n\n<p><strong>Mark Young,<\/strong>&nbsp;chief executive of Cetus Maritime, said: &ldquo;The fit with Nachipa was obvious to both sides from the start. For Nachipa, fleet scale is key to realising their business strategy. For Cetus, the Nachipa team is an impressive addition to our operational business, while the Nachipa vessels are accretive to our growing eco-fleet. As we have seen in the market over the past six months, consolidation is a key element to sustainable, successful growth.&rdquo;<\/p>\n\n<p><strong>Felipe Simian,<\/strong>&nbsp;the managing director of Nachipa, who will join the Cetus Maritime management team, highlighted the fact that his company&rsquo;s understanding of the Americas markets and the Hamburg office are &ldquo;invaluable additions to the Cetus Maritime business platform&rdquo;.<\/p>\n\n<p style=\"text-align: right;\">by&nbsp;Shipping Telegraph<\/p>\n","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/files\/CETUS-MARITIME.jpg?t=1708943188","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_files\/CETUS-MARITIME.jpg?t=1773204970","tags":["breakingnews; shippingnews; maritime"],"count_view":726,"seo_name":"cetus-maritime-and-nachipa-merge-into-new-65-ship-giant","date_update":1708942988,"date_created_format":1708943256,"meta_title":"","meta_desc":"","meta_keyword":"breakingnews; shippingnews; maritime; singabulk","qr_code":"https:\/\/www.singabulk.com\/cetus-maritime-and-nachipa-merge-into-new-65-ship-giant"},{"id":633700,"name":"Baltic index hits two-week low as rates for smaller vessels ease","desc":"<p>The Baltic Exchange&rsquo;s dry bulk sea freight index fell to a two-week low on Thursday, as weakness in rates for smaller vessels countered an uptick in the capesize segment.<\/p>\n","content":"<p>The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 10 points, or 0.7%, at 1,388 points, its lowest since Jan. 18.<\/p>\n\n<p style=\"text-align: center;\"><img alt=\"\" src=\"\/datafiles\/46166\/upload\/files\/z4904475545013_843e9bd3484d4c9c8fd4fe3a7ff2a094.jpg\" \/><\/p>\n\n<p>The capesize index added 33 points, or 1.8%, at 1,924 points.<\/p>\n\n<p>Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $273 to $15,953.<\/p>\n\n<p>U.S. thermal coal exporters earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-polluting power fuel, data from ship-tracking firm Kpler shows.<\/p>\n\n<p>The panamax index fell 69 points, or 4.4%, to a two-week low of 1,497 points.<\/p>\n\n<p>Average daily earnings for panamax vessels, which usually carry about 60,000 tons to 70,000 tons of coal or grain cargo, were down by $622 at $13,471.<\/p>\n\n<p>Thailand expects to export 7.5 million metric tons of rice in 2024, down 14.38% year-on-year, due to lower production and increased competition, the commerce ministry said.<\/p>\n\n<p>Among smaller vessels, the supramax index was down 7 points at 1,048 points, its worst session in two weeks.<\/p>\n","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1706673644","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1773204970","tags":["baltic dry index; shipping; bid","freight market"],"count_view":450,"seo_name":"baltic-index-hits-two-week-low-as-rates-for-smaller-vessels-ease","date_update":1706869895,"date_created_format":1706871321,"meta_title":"","meta_desc":"","meta_keyword":"","qr_code":"https:\/\/www.singabulk.com\/baltic-index-hits-two-week-low-as-rates-for-smaller-vessels-ease"},{"id":633698,"name":"Houthis say they targeted British commercial ship in Red Sea","desc":"<h4>&lsquo;The Naval forces targeted a British commercial ship in the Red Sea&hellip;with appropriate naval missiles,&rsquo; says Yemeni group<\/h4>\n","content":"<p>Yemen&rsquo;s Houthi group said Thursday that they targeted a British commercial ship in the Red Sea that was heading to &ldquo;the ports of occupied Palestine&rdquo; with naval missiles<\/p>\n\n<p style=\"text-align: center;\"><img alt=\"\" src=\"\/datafiles\/46166\/upload\/files\/thumbs_b_c_4ef114920b195c38a2f96f46777848a9.jpg\" \/><\/p>\n\n<p>The statement was released by Houthi military spokesperson Yahya Saree on his official X account.<\/p>\n\n<p>&ldquo;In victory for the oppression of the Palestinian people and as part of a response to the American-British aggression against our country, the naval forces of the Yemeni Armed Forces targeted a British commercial ship in the Red Sea that was heading to the ports of occupied Palestine with appropriate naval missiles,&rdquo; Saree said.<\/p>\n\n<p>&ldquo;The operations of the Yemeni Armed Forces in the Arabian Sea and Red Sea against Israeli shipping or ships heading to the ports of occupied Palestine will continue until the aggression stops and the siege on the Gaza Strip is lifted,&rdquo; he added.<\/p>\n\n<p>There has been no immediate response from the British side regarding the Houthi statement.<\/p>\n\n<p>In solidarity with Gaza, which has been under a destructive Israeli onslaught with American support since Oct. 7 last year, the Houthis target shipping vessels in the Red Sea owned or operated by Israeli companies or transporting goods to and from Israel.<\/p>\n\n<p>With tensions escalating due to the US and UK conducting a series of joint air strikes against Houthi targets in Yemen, the Houthis declared that they consider all American and British ships military targets.<\/p>\n\n<p>Intermittently since Jan. 12, a coalition led by the United States has conducted airstrikes targeting what they claim to be &ldquo;Houthi locations&quot; in various parts of Yemen in response to their attacks in the Red Sea and are occasionally met with retaliatory responses from the group.<\/p>\n\n<p style=\"text-align: right;\">Writing by<strong> Rania Abu Shamala<\/strong><\/p>\n","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/files\/thumbs_b_c_4ef114920b195c38a2f96f46777848a9.jpg?t=1753082284","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_files\/thumbs_b_c_4ef114920b195c38a2f96f46777848a9.jpg?t=1773204970","tags":["maritine news; shipping news\/ breaking news"],"count_view":350,"seo_name":"houthis-say-they-targeted-british-commercial-ship-in-red-sea","date_update":1706869895,"date_created_format":1706870888,"meta_title":"","meta_desc":"","meta_keyword":"","qr_code":"https:\/\/www.singabulk.com\/houthis-say-they-targeted-british-commercial-ship-in-red-sea"}]},"widget_10806578":{"content_data":{"content":"Service"}},"widget_10806574":{"content_data":[]},"widget_10806587":{"content_data":[{"id":396738,"name":"1","desc":"","content":"","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/images\/banner\/cmt-blogsidebar.png?t=1753082301","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_images\/banner\/cmt-blogsidebar.png?t=1753082275","tags":"","count_view":0,"date_update":0,"date_created_format":0,"unique":22,"link":"#","category_id":45745,"icon_svg":""}]},"widget_10806576":{"content_data":{"content":""}},"widget_10806172":{"content_data":{"content":"Thông tin"}},"widget_10806167":{"content_data":{"content":"About Us"}},"widget_10806173":{"content_data":{"content":"Our SERVICEs&nbsp;"}},"widget_10806176":{"content_data":{"content":"Useful links"}},"widget_10806177":{"content_data":[{"id":290879,"name":"About us","desc":"","content":"","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1706673644","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1773204970","tags":"","count_view":0,"seo_name":"about-us-1706607678","date_update":0,"date_created_format":"0","meta_title":"","meta_desc":"","meta_keyword":"","unique":103868,"index":0},{"id":290884,"name":"News","desc":"","content":"","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1706673644","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1773204970","tags":"","count_view":0,"seo_name":"news","date_update":0,"date_created_format":"0","meta_title":"","meta_desc":"","meta_keyword":"","unique":24763,"index":1},{"id":290887,"name":"Contact","desc":"","content":"","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1706673644","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1773204970","tags":"","count_view":0,"seo_name":"contact","date_update":0,"date_created_format":"0","meta_title":"","meta_desc":"","meta_keyword":"","unique":24765,"index":2},{"id":290878,"name":"Photos","desc":"","content":"","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1706673644","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1773204970","tags":"","count_view":0,"seo_name":"photos","date_update":0,"date_created_format":"0","meta_title":"","meta_desc":"","meta_keyword":"","unique":24766,"index":3},{"id":290881,"name":"Video","desc":"","content":"","image_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1706673644","image_thumb_url":"https:\/\/www.singabulk.com\/datafiles\/46166\/upload\/thumb_files\/z4903444504788_f05fe9acdcb899778f1e201719e5547c.jpg?t=1773204970","tags":"","count_view":0,"seo_name":"video","date_update":0,"date_created_format":"0","meta_title":"","meta_desc":"","meta_keyword":"","unique":25989,"index":4}]},"widget_10806178":{"content_data":{"content":"subscribe your email id"}},"widget_10806179":{"content_data":{"content":"<p>You will receive tonnage open and cargo offer daily<\/p>\n"}},"widget_10806182":{"content_data":{"content":"Đăng ký"}},"widget_10806634":{"content_data":{"content":"INQUIRY TONNAGE\/CARGO"}},"widget_10806647":{"content_data":{"content":"Send"}},"widget_10806648":{"content_data":{"content":"<span class=\"w30s-content\">Làm lại<\/span>"}},"widget_10806649":{"content_data":{"content":"Close"}},"widget_10806652":{"content_data":{"content":"Close"}}}