The Wednesday HOT TAKE

What’s HOT

Mark your calendars for August 7-8!

No Bull’s annual Summit is back and better than ever in ‘24. Details coming soon!

Red Sea tensions continue to run HOT as attacks by Houthi rebels show little signs of slowing.

The Rubymar - a bulk vessel hauling fertilizer - has become the first vessel to sink as a result of attacks. The ship was attacked in mid-February and had been taking on water ever since.

The attack caused an 18-mile oil slick behind the abandoned ship:

The vessel sank over the weekend, according to U.S. Central Command:

Then today, two seafarers were killed in another Houthi missile attack on True Confidence, a Greek-owned ship off the coast of Yemen, causing it to catch afire. These are the first known fatalities resulting from Houthi attacks.

As a result of the increase in attacks, more ships are avoiding the Red Sea (Suez Canal) than ever.

Daily tonnage through the Suez Canal has fallen 62% since the end of December, while transits around the Cape of Good Hope have increased 61%.

The Suez Canal plays a vital role in global seaborne trade, holding a large percentage-share of transits for kerosene/jet fuel, vegetable oils, biofuels, grains and oilseeds.