Red Sea attracts oil tankers despite Houthi attacks

Oil and fuel tankers have continued to navigate the Red Sea despite the ongoing Houthi attacks, a Reuters analysis of vessel tracking data showed on Tuesday.

The attacks have caused a number of route diversions, driving up shipping costs.

With a number of ships continuing their journey through the Red Sea, Reuters reported that the Red Sea, so far, remains much more affordable than going around Africa via the Cape of Good Hope.

However, a number of oil giants, such as BP and Equinor, chose to diverge their vessels on the longer route. According to experts, the increased shipping costs might boost U.S. crude exports to some buyers in Europe.

“We haven’t really seen the interruption to tanker traffic that everyone was expecting,” said shipping analyst at Lloyd’s List Michelle Wiese Bockmann.

According to Reuters, an average of 76 tankers carrying oil and fuel were south of the Red Sea and in Gulf of Aden in December every day.

Rival tracking service Kpler tracked an average of 236 ships per day in all of the Red Sea and Gulf of Aden in December, rising slightly above the 230 daily average recorded in November.

However, Reuters reported that the ships in the Red Sea are “still taking the risk,” as the Houthi attacks continue in response to the Israeli violation of International law.