Tanker rates for India-bound tankers double as West Asia crisis deepens

Rates have risen 150% from about $100,000 as Houthi forces seized control of Yemen’s Mocha port near the Bab el-Mandeb Strait, the people said. Bunker fuel prices have also risen 50% to $900 a tonne, while insurance costs have increased 20%, adding to the cost of imports, including energy.

Iran-backed Houthi forces seized Yemen’s Red Sea port city of Mocha last week and have since advanced toward the Bab el-Mandeb Strait, reaching the strategically located Perim (Mayun) Island and further threatening shipping through the key Red Sea chokepoint, according to Reuters and other reports. The development comes as traffic through the Strait of Hormuz remains severely disrupted, raising the risk of further pressure on shipping and energy supplies in the region.