Trending: BP, Shipping Majors Stop Shipments Through Red Sea After Attacks

1326 GMT - BP is among the most mentioned companies across news items over the past four hours, according to Factiva data, after the energy major suspended all its oil-tanker shipments through the Red Sea after attacks in the area from Yemen's Houthi rebels. The move follows similar decisions from major shipping and logistics companies that have seen attacks on their vessels in the Red Sea. "We will keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region," a BP spokesperson told Dow Jones Newswires. Germany's Hapag-Lloyd, Denmark's A.P. Moller-Maersk, Italian-Swiss Mediterranean Shipping Company and France's CMA-CGM have all suspended shipments through the Red Sea in recent days. Total oil shipped through these waters accounted for around 12% of total seaborne oil trade in the first half of the year, while liquefied natural gas shipments accounted for around 8% of worldwide LNG trade. Container rates could go up in the near-term due to the deteriorating security situation, Citi analysts say in a research note. Dow Jones & Co. owns Factiva. ([e-mail])

(END) Dow Jones Newswires

December 18, 2023 08:52 ET (13:52 GMT)

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