OSLO: Shipping group Maersk will resume sailings via the Red Sea and the Suez Canal for its MECL service, connecting the Middle East and India with the US east coast, the Danish company said on Thursday.
“Maersk has decided to implement a structural return to the trans-Suez route for all MECL service sailings,” the company said in a statement, adding that this was part of a stepwise approach for its fleet.
Shipping companies are weighing a return to the critical Asia-Europe trade corridor more than two years after they started rerouting vessels around Africa following Yemeni Houthi rebels’ attacks on ships in the Red Sea in what they said was a show of solidarity with the Palestinians in Gaza.
Maersk on Monday said one of its vessels had tested the route as a ceasefire in Gaza raised hopes for normal shipping traffic.
The change for the MECL service comes into effect with a sailing departing Oman’s port of Salalah on January 26.
The Suez Canal is the fastest route linking Europe and Asia and, until the Houthi attacks, had accounted for about 10 percent of global seaborne trade, according to Clarksons Research.
The ceasefire in the Gaza conflict, in place since October last year, has renewed hope of normalizing Red Sea traffic.
The ceasefire has ended major combat in Gaza over the past three months, but both sides have accused the other of regular violations. More than 440 Palestinians and three Israeli soldiers have been killed since the truce took effect.
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Maersk to resume Suez Canal sailings for MECL service
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Maersk to resume Suez Canal sailings for MECL service
- Shipping companies are weighing a return to the critical Asia-Europe trade corridor more than two years after they started rerouting vessels around Africa following Yemeni Houthi rebels’ attacks
Gold slips over 1 percent on strong dollar, easing rate-cut bets
- Chile central bank issues first gold purchase in decades
- BMI expects silver to average $93/oz in 2026
Gold prices fell more than 1 percent on Thursday, pressured by a stronger dollar and diminishing hopes for a reduction in borrowing costs as the ongoing Iran war stoked inflation concerns.
Spot gold dipped 1.1 percent at $5,118.16 per ounce by 1:31 p.m. ET (1731 GMT). US gold futures for April delivery settled 1 percent lower at $5,125.80.
The dollar gained for a third consecutive session. The greenback is a competitive safe-haven asset, and a stronger US currency makes gold more expensive for holders of other currencies.
“The higher dollar index, rising treasury yields and lack of interest-rate cuts are the negative factors, but the conflict in the Middle East has been generating some safe-haven flows,” said Phillip Streible, chief market strategist at Blue Line Futures.
Two tankers were ablaze in Iraqi waters in an apparent escalation in Iranian attacks that have cut off Middle East energy supplies. In reaction, oil prices rose sharply for the day.
Iran will avenge the blood of its martyrs, keep the Strait of Hormuz closed and attack US bases, new Supreme Leader Ayatollah Mojtaba Khamenei said.
Higher crude prices feed into inflation by raising transportation and production costs. Gold is considered an inflation hedge, but high interest rates weigh on it by making yield-bearing assets more attractive.
“If they can prevent oil prices from climbing further, gold should be in a good place... On the bullish side for gold, the main argument is that central bank buying and steady exchange-traded fund inflows, which have remained positive all year,” Streible added.
Chile’s central bank issued its first major gold purchase since at least 2000. In February, the bank boosted its gold reserves to $1.108 billion, up from $42 million in January, equivalent to 2.2 percent of total reserves.
Elsewhere, spot silver eased 1 percent to $84.90. Prices gained more than 146 percent last year.
Analysts at BMI wrote in a note they expect silver to average $93 per ounce in 2026, with strong investment demand consolidating the gains witnessed in 2025, and offsetting price-induced demand destruction in solar panels and jewelry.
Spot platinum lost 1.1 percent to $2,145.75, and palladium fell 1 percent to $1,620.86.
Spot gold dipped 1.1 percent at $5,118.16 per ounce by 1:31 p.m. ET (1731 GMT). US gold futures for April delivery settled 1 percent lower at $5,125.80.
The dollar gained for a third consecutive session. The greenback is a competitive safe-haven asset, and a stronger US currency makes gold more expensive for holders of other currencies.
“The higher dollar index, rising treasury yields and lack of interest-rate cuts are the negative factors, but the conflict in the Middle East has been generating some safe-haven flows,” said Phillip Streible, chief market strategist at Blue Line Futures.
Two tankers were ablaze in Iraqi waters in an apparent escalation in Iranian attacks that have cut off Middle East energy supplies. In reaction, oil prices rose sharply for the day.
Iran will avenge the blood of its martyrs, keep the Strait of Hormuz closed and attack US bases, new Supreme Leader Ayatollah Mojtaba Khamenei said.
Higher crude prices feed into inflation by raising transportation and production costs. Gold is considered an inflation hedge, but high interest rates weigh on it by making yield-bearing assets more attractive.
“If they can prevent oil prices from climbing further, gold should be in a good place... On the bullish side for gold, the main argument is that central bank buying and steady exchange-traded fund inflows, which have remained positive all year,” Streible added.
Chile’s central bank issued its first major gold purchase since at least 2000. In February, the bank boosted its gold reserves to $1.108 billion, up from $42 million in January, equivalent to 2.2 percent of total reserves.
Elsewhere, spot silver eased 1 percent to $84.90. Prices gained more than 146 percent last year.
Analysts at BMI wrote in a note they expect silver to average $93 per ounce in 2026, with strong investment demand consolidating the gains witnessed in 2025, and offsetting price-induced demand destruction in solar panels and jewelry.
Spot platinum lost 1.1 percent to $2,145.75, and palladium fell 1 percent to $1,620.86.
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