The incident is the latest in a string of attacks since Iranian-backed Houthi rebels in Yemen issued a threat to target ships until Israel’s military operation against Hamas ends.

The ship is equipped with a semi-automated INDOSAIL wind propulsion system, enabling it to reach a speed of roughly 12 knots with a sailing area of 500 square meters.

Through the first ten months of 2023, the Port has processed 7,123,900 TEUs, which represents a 16.6% drop-off when compared to the same period in 2022.

While the impact of the Israel-Hamas war has been contained so far, markets have been wary that the fighting will draw in other nations in the region, particularly Iran.

The mine-sweeping force wouldn’t be considered a NATO operation but would be the first major combined action of Black Sea allies since President Vladimir Putin ordered the war on Ukraine.

German manufacturers exported around 2.6 million new passenger cars in the 10 months through October, up 22% year over year.

Nineteen percent of responders said that they believe shifting production away from China would help supply chains while another 27% said this change could maybe alleviate supply issues.

The U.S. Treasury recently imposed its first sanctions on companies accused of violating an oil price cap.

The Port of Colombo has been operating near its capacity since 2021, meaning the new terminal will enable the continued growth of economies located in the Bay of Bengal.

Those interviewed said they expect a rebound during the second half of 2024 with half of the participants saying they believe freight volumes will increase by 5% during that period.