Monday, January 31, 2011

Oil shippers fear Egypt violence might close Suez Canal

Oil shippers are bracing themselves for the possible closure of the Suez Canal, as political protests and violence across Egypt threaten to spill over into the busy waterway that links the Mediterranean Sea and the Red Sea. "There are rumors, but nothing is confirmed," one source said. A closure of the canal would likely drive up the cost of chartering oil tankers, since tankers would have to reroute oil around the Cape of Good Hope in Africa. (Link)


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