If this happens Brent prices would increase thus benefit VET . Maersk said on Thursday that its fuel carriers can bypass the Red Sea to avoid potential danger, according to company correspondence seen by Bloomberg. If carriers choose to bypass the Red Sea, it will also bypass the Suez Canal and add thousands of miles to their journeys, opting to sail around Africa instead.
This will add days to the journey and burn “hundreds of tons more fuel” according to Bloomberg. On the other hand, however, it could save on insurance costs that have increased since the Houthis ratcheted up their attacks.
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