Yemen Shutdown Sparks Shipping Slump

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Cargo shipping activity near the ports of Yemen has been affected after a number of ports had to be closed down as a result of military conflict.

PTI previously reported that the major seaports in Yemen had to be closed after military operations were launched to curb the conflict caused by Iran-allied Houthi forces, leading to the potential disruption of millions of barrels of oil passing through key trade lanes.

Shipping trade association BIMCO, said: “Navigation in Yemen's territorial waters has been banned and ships are not allowed into Yemen unless inspected and approval by the Saudi-led coalition forces.

“Yemen has banned entry into the territorial waters and has authorized coalition countries to implement the decision, adding that the ban has been imposed on the country's maritime zones.”

Concerns have been raised that, with oil prices falling, the fighting could further stunt the oil supply coming in and out of the country.

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