Surging profits over the previous two years filled the coffers of the Saades and rival European shipping tycoons.

Austria, Czech Republic, Hungary and Slovakia said the levy — which is paid for by traders or utilities further down supply chains — undermines energy security in the wider region.

A Houthi spokesman confirmed they had targeted the Islander and said they had also launched drones at a U.S. warship.

The current earnings reporting season indicates the impact on supply chains may not be as significant as initially feared

January also marked the sixth straight month of year-over-year gains for the Port of Los Angeles, surpassing January 2023’s totals by 18%.

The IEA said that it anticipates oil demand will peak by 2030 as the world attempts to transition to cleaner energy sources. OPEC says it will peak after 2044.

Maersk said that it has added about 6% more vessel capacity to its schedule to keep the flow of trade moving, further adding to the company’s operational costs.

An industry expert from a Californian freight forwarding company said they anticipate organizations will have to deal with equipment shortages due to vessels being rerouted away from the Red Sea.

Dimerco said that ocean shippers in the APAC region should anticipate rates to increase for vessels going to the U.S. and Europe.

The Organization of Petroleum Exporting Countries and its allies pledged significant output curbs this quarter in a bid to avert a surplus and shore up global prices.