Europe-bound oil tanker from Mangaluru evades 2 missiles fired by Yemen's Houthi

News Network
December 14, 2023

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In a dramatic incident near the key Bab el-Mandeb Strait, an oil tanker hailing from south India’s coastal city of Mangaluru, managed to evade two missiles fired by Yemen's Houthi army. 

The Marshall Islands-flagged tanker, Ardmore Encounter, was carrying a shipment of Indian-manufactured jet fuel destined for either Rotterdam in the Netherlands or Gavle, Sweden, media reports claimed.

The attack marks the first time that Houthi fighters have targeted an energy shipment bound for the Suez Canal. The incident escalated tensions as an American warship reportedly shot down a suspected Houthi drone during the attack. Fortunately, no injuries were reported among the crew, the report stated.

The vessel, owned and operated by Ardmore Shipping Corp, had an armed security crew on board, which successfully repelled skiffs attempting to board the ship. Ardmore Shipping confirmed the attack in a statement, assuring that all crew members are safe, and the vessel remains fully operational with no loss of cargo or damage.

"No one boarded the vessel and all crew members are safe and accounted for," the statement said. "The vessel remains fully operational with no loss of cargo or damage on board."

It added, "Ardmore is in close contact with the relevant authorities and military assistance is now in the area providing support as required."

The jet fuel shipment was sourced from Shell MRPL Aviation Fuels & Services Ltd, a joint venture between Shell and India's state-owned oil company, ONGC. The fuel was en route to Europe when the incident occurred.

The Houthi fighters have been actively targeting ships near the Bab el-Mandeb Strait, with this assault representing a significant escalation. The fighters have recently threatened to attack vessels travelling to or from Israel, although no immediate connection was established between the Ardmore Encounter incident and Israel.

Global shipping has become increasingly vulnerable with the ongoing Israeli aggression in Gaza, posing a risk of wider regional conflict. The Bab el-Mandeb Strait, a crucial maritime passage, sees nearly 10% of all globally traded oil pass through it, along with an estimated $1 trillion in goods annually.

This incident follows a missile attack on a Norwegian-flagged tanker on Monday (December 11) night in the same region. Analysts suggest that the Houthis may be attempting to bolster their diminishing popular support after years of civil war in Yemen.

As tensions rise, concerns loom over the potential impact on the tentative ceasefire between the Houthis and the Saudi-led coalition supporting Yemen's exiled government. The proximity of these incidents to the Arab world's poorest nation raises fears of renewed conflict in the region. 

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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