SHIPPING NEWS

Houthi Missiles Strike Commercial Shipping Vessels in Gulf of Aden

In a series of recent attacks in the Gulf of Aden, Yemen's Houthi rebels targeted two commercial vessels, escalating tensions in the region. The strikes occurred late Saturday, with a ballistic missile hitting the Antigua- and Barbuda-flagged cargo ship Norderney, which sustained a fire that the crew successfully extinguished. A second missile also targeted this ship. Concurrently, the Liberian-flagged, Swiss-operated container ship Tavvishi was hit by a missile, resulting in damage but it remained operational. A second missile aimed at the Tavvishi was intercepted by a coalition warship.

Houthi military spokesperson, claimed responsibility for these attacks in a video, asserting that both missiles and drones were used. Despite his claims, there is no confirmed evidence for the additional attacks he mentioned. These maritime assaults are part of over 50 such incidents attributed to the Houthis since November, including three sailor fatalities and the sinking of another ship. The Houthis, involved in a prolonged conflict with a Saudi-led coalition, justify their actions as efforts to halt the ongoing conflict in Gaza and support Palestinians, although many targeted vessels are unrelated to the conflict.

This upsurge in maritime violence coincides with increased internal suppression by the Houthis, including the detention of several local UN agency employees and aid workers, and the imposition of death sentences on dozens within Yemen. These actions reflect the group's strained finances and heightened pressure from continued airstrikes by a U.S.-led coalition. See more

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GLOBAL TRADE SNIPPET

US Inflation slows in May, interest rates held. Excluding food and energy, core CPI rose by 0.2% monthly and 3.4% yearly, slightly below the predicted 0.3% and 3.5%. Meanwhile, US the central bank has decided to maintain its target interest rate between 5.25% and 5.5%.

Evergreen spends $300+ million on 6 methanol dual-fuel boxships. Taiwanese container shipping company Evergreen Marine has ordered six 2,400 TEU methanol dual-fuel containerships in China, continuing its efforts to decarbonize operations.

Potential east coast US container port strikes add further stress to shipping market. Talks between US ports and port worker representatives over a new labour contract have broken down this week raising the possibility of strike action at east and Gulf coast terminals.

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TRADE NEWS

Saudi Arabia's Bold Move Away From Petro-Dollar

Saudi Arabia has decided not to renew its 50-year petro-dollar agreement with the United States, a significant shift that could reshape the global financial landscape. This agreement, signed in 1974, was crucial in maintaining the U.S. dollar's dominance in the global oil market by requiring all Saudi oil sales to be conducted in U.S. dollars.

As the deal expired on June 9, 2024, Saudi Arabia is now free to conduct oil trades in other major currencies such as the Chinese RMB, Euro, Japanese Yen, and Yuan. This move could lead to a reduction in global reliance on the U.S. dollar and signifies a shift towards more diversified financial transactions, potentially including digital currencies like Bitcoin.

This decision aligns with the global trend towards de-dollarization in international trade and reflects a strategic pivot in Saudi economic policy. It also ties into Saudi Arabia's participation in Project mBridge, an initiative that uses distributed ledger technology (DLT) to facilitate instant cross-border payments and settlements. This project, started in 2021 and involving multiple central banks, has recently reached a Minimum Viable Product (MVP) stage, indicating readiness for broader implementation and private sector involvement.

Saudi Arabia's move could diminish the US dollar's role in global finance and encourage a more integrated and technologically advanced financial system. This development marks a pivotal moment in international finance, potentially heralding a new era where technological innovation and currency diversification drive economic interactions on the global stage.

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