Saturday, 24 August 2024

Ships carrying Israeli cargo being targeted

An oil tanker has been forced to change route after coming under attack by Yemen’s Ansarallah in the Red Sea. The Greek-flagged SOUNION has been accused of violating the Ansarullah decree banning entry to the ports of occupied Palestine.”

In a televised statement, Yahya Sare’e said the oil tanker “belongs to a company that has ties with the Israeli enemy”. 

The ship was accurately and directly struck while sailing in the Red Sea and is at risk of sinking, according to the senior Yemeni military official. 

Global maritime monitors say the SOUNION was targeted by multiple projectiles off Yemen’s port city of Hodeidah. 

The European Union’s naval forces in the region, deployed to prevent Ansarullah’s operations, said the tanker was carrying 150,000 tons of crude oil, and the attack from Yemen led to the loss of engine power while causing a fire on board. 

The SOUNION is now reportedly anchored near Eritrea amid plans to move it to a safer destination for checks and repairs. 

None of the crew members who were evacuated have been harmed. 

Sare’e also declared that Ansarullah staged a second operation, which targeted the SW NORTH WIND I, reiterating that this vessel also belongs to a company that “deals with the Israeli enemy” and “violated the decision to ban entry to the ports of occupied Palestine.” 

This ship, too, was directly and accurately hit while sailing in the Gulf of Aden and the Red Sea, the Ansarullah military spokesman said. 

Maritime monitors say the SW NORTH WIND I suffered damage after an encounter with an uncrewed vessel 57 nautical miles south of Yemen’s port of Aden. 

Ansarullah said the attacks in the Aden Gulf and the Red Sea were carried out with unmanned boats, ballistic missiles, winged missiles, and drones. 

“Our operations will continue until the aggression ceases and the siege on Gaza is lifted, and we will continue to prevent all ships heading to Israel until the blockade on the Gaza Strip is lifted,” Ansarullah added. 

Since November, the Sana’a government forces have carried out scores of attacks against Israeli and Israeli-affiliated vessels in the Red Sea and beyond. 

The arrival of American and British destroyers in the region has failed to deter the Yemeni forces. Bombing attacks by United States and British forces have seen ships and warships belonging to America and Britain also come under attack. 

Ansarullah has waged more than 184 attacks against Israeli, American and British ships in solidarity with Gaza. 

The Sana’a government has informed mediators that its operations will end once a ceasefire is reached in the Gaza Strip and the blockade on the enclave is lifted. 

According to experts, Ansarullah’s military actions have proven very effective amid a significant drop in the number of US and British ships, and ships bound for Israeli ports in the Red Sea. 

The presence of Western warships and the regular bombings on Yemen by America and Britain have failed to weaken or stop Ansarullah’s maritime ban on ships docking at Israeli ports. 

Analysts have said the US-led military failure to end the Red Sea maritime disruption for Israeli-linked ships is all the more embarrassing for the United States, considering that Ansarullah has been subject to almost a decade of war. 

On Friday, Yemenis heeded a call by Ansarullah leader, Abdul-Malik al-Houthi, in a remarkable show of support. People flooded the streets of the capital as well as the governates of Sa’ada, Hodeidah, Hajja, Dhamar, Amran, al-Bayda, Rima, al-Dhalea, Lahij, Ibb, al-Mahwit, al-Jawf and Marib with million-man marches voicing their approval of the government’s policies on Palestine. 

The huge weekly turnout on Fridays, across Yemen has led critics to accuse other Arab states of failing to organize a similar level of street protests against the Israeli massacres in the occupied Palestinian territories. 

The popular domestic support in Yemen has also helped strengthen the determination of Ansarullah to continue its military operations in support of the people and resistance in Gaza. 

 

Has United State become a proxy of Israel?

In our opinion Israel has become a monster that United States, European Union, China, Russia, France, Britain, United Nations and even International Court of Justice have failed to control. The resistance forces are told not to react, else it will be terrible destruction throughout the Arabian Peninsula. It seems certain that United State has become a proxy of Israel and all others have gone impotent.

According to media reports, Israeli forces have reduced the designated "safe humanitarian zones" within the Gaza Strip to mere rubble, leaving only 9.5% of the territory as areas for displaced civilians to seek refuge.

During Israel's ground invasion of Gaza, which began in early November 2023, Israeli forces pushed hundreds of thousands of civilians from northern to southern Gaza, declaring these areas as "safe humanitarian zones."

Initially, these zones spanned 230 square kilometers (89 square miles) or 63% of Gaza's total area, including vital agricultural, commercial, and service facilities.

As the Israeli military offensives continued, these zones were drastically reduced. By early December 2023, after Israel's incursion into Khan Younis, the zones shrank to 140 square kilometers (54 square miles), representing 38.3% of Gaza's area.

The size further decreased in May 2024, during the incursion into Rafah, down to 79 square kilometers (30.5 square miles) or 20% of the area.

By mid-June 2024, the so-called safe zones were reduced to just 60 square kilometers (23 square miles), representing 16.4% of Gaza.

By mid-July 2024, the area deemed "safe" was further reduced to 48 square kilometers (18.5 square miles), or 13.15% of Gaza's total area.

Finally, as of August 2024, the "safe humanitarian zones" have been diminished to just 35 square kilometers (13.5 square miles), accounting for only 9.5% of Gaza's total area.

This remaining area includes only about 3.5% of agricultural, service, and commercial areas, severely limiting safe havens for civilians.

This systematic destruction of the designated safe zones has intensified the humanitarian crisis in Gaza, leaving civilians with fewer places to escape the ongoing violence.

The continued Israeli offensive on Gaza, which began after October 07, has led to over 40,200 Palestinian deaths, primarily women and children, and more than 93,000 injuries.

The region faces a dire shortage of food, clean water, and medicine due to an ongoing blockade, exacerbating the humanitarian catastrophe.

Israel faces proceedings for the genocide at the International Court of Justice, which has ordered a halt to military operations in the southern city of Rafah, where over one million Palestinians had sought refuge before the area was invaded on May 06, 2024

Friday, 23 August 2024

Red Sea Crisis Top Concern

In the most recent poll on Seatrade Maritime News, majority of readers said that attacks on commercial ships in the Red Sea was their top concern, likely to impact their business the most in the second half of 2024.

The attacks that started in late 2023 have seen a large number of vessels re-routing via the Cape of Good Hope, adding significantly to the length of voyages between Asia and Europe, the Mediterranean Sea and the Middle East.

Readers were given five options: Port congestion, Houthi attacks on ships in the Red Sea, cybersecurity, compliance with regulations, and availability of qualified seafarers.

A majority of readers, 52%, said that Houthi attacks on commercial ships in the Red Sea was their top concern.

Interestingly, diversions have in many cases proved beneficial to shipping markets but have also added to fuel costs and emissions.

For vessels that continue to transit the Red Sea the threat of attack from the Houthi continues with ships often subject to multiple attacks from both air and sea.

The second top concern among readers, some 27% was port congestion, an issue which in some cases can also be linked to the disruption caused by the Red Sea crisis.

Of the three other issues 10% put compliance with new regulations as their top concern, 6% the availability of qualified seafarers, and 5% cybersecurity.

 

PSX witnesses 27%WoW increase in trading

Pakistan Stock Exchange mostly maintained a positive momentum throughout the week ended on August 23, 2024, primarily driven by declining T-Bills yield and favorable corporate results. The benchmark index closed the week at 78,801 points, up 756 points or 1.0%WoW. Market participation surged by 27%WoW, with the average daily traded volume rising to 468 million shares from 368 million shares a week ago.

In Wednesday’s T-Bills auction, cut-off yields witnessed a significant decline, which brought the 3-month yield down to 17.49%, indicating market expectations of a rate cut exceeding 100bps in the upcoming Monetary Policy Committee (MPC) meeting scheduled for September 12, 2024. These expectations of rate cut led to the rerating of high dividend yielding stocks, notably FFC and UBL.

Additionally, NBP stood third in terms of index points contribution, driven by expectations of lower-than-expected provisioning related to pension case in its upcoming financial results.

Pharmaceutical sector also performed well, buoyed by better than anticipated financial results by the players, supported by the deregulation of non-essential drugs.

On the macro front, the anticipated timeline for IMF Executive Board approval was pushed to September from the previous August due to unmet debt rollover requirements.

The Finance Minister remains optimistic about securing Board’s approval by next month. The current account remains in control, reporting deficit of mere US$162 million for July 24, big thanks to remittances.

PKR largely remained stable, closing the week at PKR278.50/US$.

Major news flows during the week included: 1) July FDI inflow in July was up 64%YoY to US$136.3 million, 2) LSM sector in FY24 grew 0.92%YoY, 3) RDA attracted US$161 million in first month of the current financial year, and 4) Banking sector deposits increased 19% to PKR30.6 trillion in July 2024.

Woollen, Jute, and Leather and Tanneries were amongst the top performing sectors, while Tobacco, Automobile assembler, and Textile weaving were amongst the worst performers.

Major net selling was recorded by Insurance companies with a net sell of US$6.3 million. Mutual, Banks and Companies absorbed most of the selling.

Top performing scrips of the week were: NBP, PGLC, SRVI, HINOON, and BNWM, while top laggards included: YOUW, CEPB, SML, ISL, KTML.

Looking ahead, market is expected to continue its positive momentum due to August 2024 lower inflation reading, upcoming MPC outcome and positive development on the IMF negotiations.

AKD Securities opines that sectors benefiting from monetary easing and structural reforms would remain in the limelight. Additionally, with declining fixed income yields, high dividend-yielding stocks are expected to remain in focus.

Germany: NATO air base on high security alert

A major NATO air base in Germany is maintaining a high security alert on Friday, according to a military spokesman.

“At the moment we are still at alert state Charlie,” Donny Demmers, a spokesman for NATO Airbase Geilenkirchen said, noting that the security situation is being closely monitored.

Security alert “Charlie” is implemented at NATO bases when there is an incident or intelligence suggests a likely terrorist action or targeting of personnel or facilities.

The airbase heightened its security level on Thursday based on intelligence indicating a potential threat.

“All non-mission essential personnel have been sent home as a precautionary measure. The safety of our staff is a top priority. Our critical operations will continue as planned,” Demmers said.

The Geilenkirchen base, near the western city of Aachen, houses NATO’s AWACS surveillance aircraft, which provide air and sea surveillance and serve as a flying command center in combat operations.

In recent years, NATO AWACS aircraft have conducted hundreds of flights over Eastern Europe to monitor Russian military activity near the alliance’s borders.

Thursday, 22 August 2024

USS Abraham Lincoln arrives in Middle East

The USS Abraham Lincoln strike group has arrived in the Middle East following a recent order from Defense Secretary Lloyd Austin, according to a statement issued by US Central Command (CENTCOM) on Wednesday.

"The USS Abraham Lincoln (CVN 72), equipped with F-35C and F/A-18 Block III fighters, has entered the US Central Command (USCENTCOM) area of responsibility,” CENTCOM announced on X.

The flagship of Carrier Strike Group 3, the USS Abraham Lincoln, is accompanied by Destroyer Squadron (DESRON) 21 and Carrier Air Wing (CVW) 9.

This deployment follows the Pentagon's earlier decision to bolster military assets in the Middle East in anticipation of potential retaliation by Iran against Israel.

Secretary Austin ordered the USS Abraham Lincoln Carrier Strike Group to accelerate its transit to the Central Command area, adding to the existing capabilities provided by the USS Theodore Roosevelt Carrier Strike Group. The deployment also includes the USS Georgia (SSGN 729) guided missile submarine.

These moves come in response to escalating tensions in the region, particularly following the assassination of Hamas’s political chief Ismail Haniyeh in Tehran on July 31 and the Israeli airstrike that killed senior Hezbollah commander Fuad Shukr in Beirut on July 30.

Both Hamas and Iran have accused Israel of these actions, though Israel has not confirmed its involvement. Iran has vowed "harsh punishment" in retaliation for the killing of Haniyeh on its soil.

The escalation is part of a broader context of ongoing conflict, with Israel's offensive against the Gaza Strip resulting in the deaths of over 40,170 Palestinians since October 07, 2023.

Wednesday, 21 August 2024

Deteriorating Israel-Turkey Relations

Middle East Institute has scheduled an event titled Israel-Turkey Relations: How Can the Negative Momentum Be Reversed?

Our reply is simple, “There is pressure of Turkey to sever its diplomatic relations with Israel after the genocide of more than 40,000 Palestinians, mostly women and children in Gaza enclave”.

We also suggest our readers to register to listen and participate the live debate and make up their opinions. Please remember that at present the United States and European countries are working on “Abraham Accords II”, after Abraham Accords lost it value.

During the discussion the participants will make effort to find replies to various questions that include:

Can Turkey-Israel ties survive the current crisis?

What would it take to turn the trajectory of relations around?

Who could potentially drive positive change on both sides?

As the bargain hunter, the Middle East Institute has invited many to a virtual panel discussion featuring prominent Israeli, Turkish, and American experts who will seek to answer these and other questions related to the future of Turkey-Israel relations.

The harsh reality is that Turkey-Israel relations have gone through many ups and downs over the past 75 years but never touched the present low level. The current bilateral crisis may be the most serious yet. Following a period of positive momentum, which peaked in September 2023, relations have deteriorated since the beginning of the war in Gaza.

The institute believes that the harsh political rhetoric, limits on direct trade, and a halt to people-to-people exchanges have all taken a toll.

It has a strange rationale that despite these growing challenges, the two countries still share many strategic interests; while non-governmental players and key business sectors — which often do not share their national leaderships’ ideologies or value systems — continue to seek ways to bilaterally engage.