It used to be owned by Los Angeles-based Oaktree Capital,according to a person with knowledge of the matter,but a new,non-US company recently took it on.
Separately,missiles exploded near a ship hauling Russian oil near Yemen in late January. It happened days after a spokesman for the Houthis told a Russian newspaper that Russian and Chinese merchant ships needn’t fear attacks.
Ostensibly,the assaults are to put pressure on Israel to stop its war in Gaza against Hamas,though many analysts doubt the Houthis would end their campaign in the event of a ceasefire or permanent peace deal.
The waterways — including the Bab el-Mandeb strait connecting the Red Sea and Gulf of Aden — are crucial for the global economy and normally around 30 per cent of container cargo flows through them. They also handle a large proportion of oil and liquefied natural gas flows.
Since the attacks started,most Western shipping firms have avoided the strait and are instead going around southern Africa. That’s adding days and significant freight costs onto journeys between Asia and Europe.
Companies from China and Russia haven’t announced they’re avoiding the area and ship-tracking data shows many of them still send their ships through it.
Yemen War
Both China and Russia are diplomatic and economic partners of the Houthis’ main military and financial backer,Iran. Most Iranian oil exports go to China and the Islamic Republic has,according to the US and European Union,provided drones and other weaponry to Russia for its war in Ukraine.
Still,the Houthis retain plenty of independence from Tehran. Iran has said it supports the Houthis but that they make their own decisions on political and military matters.
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The Houthis are a rebel group that took control of Yemen’s capital,Sanaa,at the start of the country’s civil war in 2014. They now also hold the key Red Sea port of Hodeidah.
They have survived years of bombing from a Saudi-led coalition aimed at ousting them. There’s been a tentative truce in the civil war for about two years and the Houthis are involved in peace talks with the Saudis.
But the group isn’t formally recognised by international governments and is on a US terrorism list.
China and Russia have already given some diplomatic support to the Houthis. In early January,they abstained from a resolution sponsored by the US and Japan that condemned “in the strongest terms” the Houthi attacks on ships. Hours after it passed,the US and UK began airstrikes against targeting the Houthis’ military infrastructure,including missile launch sites and radar stations.
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In mid-February,China and Russia questioned the legality of the strikes against the Houthis and said they had never been authorised by the Security Council.
The US and UK moves have failed to deter the Houthis. Even so,the Pentagon says the group’s attacks are becoming less frequent as its capabilities are degraded.
The Houthis’ goal is “sinking America,Britain and the West in the swamp of the Red Sea,” Ali Alqhoom,a senior Houthi political leader,said on X,formerly known as Twitter.
He claimed China and Russia back the group’s campaign,even though they’ve both said they want ships to move freely through international waters. Beijing has called for a halt to the attacks more than once.
Last week,the Houthis’ leader,Abdul Malik Al-Houthi,vowed to expand the campaign to the Indian Ocean and hit vessels travelling around South Africa.
Bloomberg
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