The British-registered cargo vessel, Rubymar, sank on Saturday after being damaged in a missile attack by the Houthis in the Red Sea off the coast of Yemen. EPA
The British-registered cargo vessel, Rubymar, sank on Saturday after being damaged in a missile attack by the Houthis in the Red Sea off the coast of Yemen. EPA
The British-registered cargo vessel, Rubymar, sank on Saturday after being damaged in a missile attack by the Houthis in the Red Sea off the coast of Yemen. EPA
The British-registered cargo vessel, Rubymar, sank on Saturday after being damaged in a missile attack by the Houthis in the Red Sea off the coast of Yemen. EPA

Sinking of Rubymar to delay shipping industry recovery as Red Sea attacks worsen


Deena Kamel
  • English
  • Arabic

Live updates: Follow the latest news on Israel-Gaza

The sinking of the UK-owned bulk carrier Rubymar after a Houthi missile attack off the coast of Yemen threatens to further delay the global shipping industry’s recovery and heighten the worsening security risks at Bab Al Mandeb.

The incident, which marks the first vessel lost since attacks on Red Sea ships started in November, will force shipping companies to continue relying on the expensive and lengthy reroute around the southern tip of Africa, analysts say.

“This incident will do nothing to ease the concerns of ocean freight carriers, so it is likely the diversions around the Cape of Good Hope in Africa will be in place for the foreseeable future,” Peter Sand, chief analyst of freight platform Xeneta, told The National.

“This incident demonstrates the ongoing danger for vessels transiting the Red Sea and Gulf of Aden and why the majority of ocean freight container ships are continuing to avoid the region.”

Bab Al Mandeb is a critical strait connecting the Gulf of Aden to the Red Sea.

However, the long and expensive detour around the Cape of Good Hope has raised freight shipping prices amid transport delays that could lead to higher consumer prices for some goods.

The latest ocean freight shipping rates data by Xeneta shows that while rates softened slightly in recent weeks, they are still significantly up compared to mid-December when the escalation in the Red Sea began.

Freight rates jumped 164 per cent on March 3 to $4,954 a 40-foot container (FEU), compared with $1,873 on December 14 for routes from the Far East to the Mediterranean, according to Xeneta. These rates are for container ships rather than bulk ships such as the Rubymar.

The rates similarly rose 164 per cent on March 3 to $4,034 a FEU, compared with $1,526 on December 14, from the Far East to North Europe.

“This incident further delays any near-term relief to cargoes taking an alternate route,” Junaid Ansari, head of investment strategy and research at Kamco Invest, told The National.

“This could impact global inflation as the bulk of the shipping carriers would avoid taking this shorter route resulting in higher costs, higher demand for crude oil in the shipping sector, as well as [a] higher risk premium on crude oil and energy prices.”

In February, container prices rose by 10 per cent in north-east Asia, 7 per cent in Oceania and 2.5 per cent in South-East Asia, remaining stable in North America, shipping platform Container XChange said in its latest market report on Monday.

However, prices declined in Europe by about 5 per cent to 7 per cent, 5 per cent in Japan and Korea and 2.4 per cent in the Middle East and the Indian subcontinent region, it found.

  • An image released by the US military showed the Belize-flagged Rubymar sinking in the Red Sea. AP
    An image released by the US military showed the Belize-flagged Rubymar sinking in the Red Sea. AP
  • Rubymar, a British-registered cargo ship, sinking off the coast of Yemen after being damaged in a missile attack by Houthi rebels. EPA
    Rubymar, a British-registered cargo ship, sinking off the coast of Yemen after being damaged in a missile attack by Houthi rebels. EPA
  • The Belize-flagged ship is carrying a cargo of combustible fertiliser. AFP
    The Belize-flagged ship is carrying a cargo of combustible fertiliser. AFP
  • The Saudi-backed government of Yemen has asked the UN for urgent help to avoid an environmental disaster due to the danger of a spill from the cargo of fertiliser. EPA
    The Saudi-backed government of Yemen has asked the UN for urgent help to avoid an environmental disaster due to the danger of a spill from the cargo of fertiliser. EPA
  • The Rubymar was hit a week ago in a missile strike by Houthis in the Red Sea. EPA
    The Rubymar was hit a week ago in a missile strike by Houthis in the Red Sea. EPA
  • A US-led coalition continues to strike Houthi targets in Yemen as it seeks to degrade the Houthis' abilities to attack commercial ships amid high tensions in the Middle East. EPA
    A US-led coalition continues to strike Houthi targets in Yemen as it seeks to degrade the Houthis' abilities to attack commercial ships amid high tensions in the Middle East. EPA
  • Much of the ship is now underwater. EPA
    Much of the ship is now underwater. EPA

Major shippers and operators have suspended operations in the Red Sea – a vital maritime route – following attacks on commercial shipping lines by Yemen’s Houthi rebels.

About 12 per cent of seaborne oil trade and 8 per cent of liquefied natural gas passes through Bab Al Mandeb.

Houthi rebels in Yemen began attacking commercial vessels to express solidarity with the Palestinians in the Israel-Gaza war.

The Iran-backed group show no signs of retreating despite the US and western allies attempting to deter the group with air strikes.

This has severely disrupted trade routes, resulting in longer transit times and affected the bottom line of shipping companies, which have, in response, raised their rates to cope with losses.

With the sinking of the Rubymar, container ships will continue to find alternative routes, according to maritime consultancy Drewry.

“The incident re-emphasises that the Red Sea crisis is not improving and our view is that the vast majority of container ships will continue to avoid the area for the foreseeable future,” said Simon Heaney, senior manager of container research at London-based Drewry.

Global trade ministers and delegates converging in Abu Dhabi last week at the13th World Trade Organisation Ministerial Conference raised concerns about the impact on international commerce from the shipping attacks in the Red Sea, which connects Europe with Asia.

Last week, the UAE's Minister of Economy Abdulla bin Touq said that challenges resulting from the conflict in the Red Sea have highlighted the need for new trade routes as well as investments to redesign logistics and ensure stable supply chains.

Global trade is expected to miss its growth forecast for 2024 as downside risks continue to persist.

On October 5, the WTO forecast a 3.3 per cent growth in global trade for 2024 – a strong improvement on last year's 0.8 per cent – but the projection was made before the Israel-Gaza war that began two days later.

RESULT

Arsenal 1 Chelsea 2
Arsenal:
Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87') 

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press 

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%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
INVESTMENT PLEDGES

Cartlow: $13.4m

Rabbitmart: $14m

Smileneo: $5.8m

Soum: $4m

imVentures: $100m

Plug and Play: $25m

While you're here
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Biggest%20applause
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
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  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
57%20Seconds
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Brief scoreline

Switzerland 0

England 0

Result: England win 6-5 on penalties

Man of the Match: Trent Alexander-Arnold (England)

The biog

Name: Shamsa Hassan Safar

Nationality: Emirati

Education: Degree in emergency medical services at Higher Colleges of Technology

Favourite book: Between two hearts- Arabic novels

Favourite music: Mohammed Abdu and modern Arabic songs

Favourite way to spend time off: Family visits and spending time with friends

Ammar 808:
Maghreb United

Sofyann Ben Youssef
Glitterbeat 

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

THE LOWDOWN

Romeo Akbar Walter

Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher 

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

India Test squad

Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

UAE finals day

Friday, April 13
Rugby Park, Dubai Sports City

3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins

The specs

Common to all models unless otherwise stated

Engine: 4-cylinder 2-litre T-GDi

0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)

Power: 276hp

Torque: 392Nm

Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD

Price: TBC

If you go

The flights

Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.

The car

Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.

Parks and accommodation

For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.

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The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

MATCH INFO

Day 1 at Mount Maunganui

England 241-4

Denly 74, Stokes 67 not out, De Grandhomme 2-28

New Zealand 

Yet to bat

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Updated: March 14, 2024, 1:57 AM