Red Sea Attacks Spark Shipping Crisis, Sending Asian Fuel Costs Soaring
• Red Sea shipping crisis sending shockwaves through Asian fuel markets, increasing costs
• Shipping rates spiking as vessels divert to avoid area after Houthi rebel attacks
• Tighter market initially raised Middle East route costs, now impacting Asia voyages too
• Attacks worsening - recent strike on Trafigura tanker suggests crisis escalating
• Fuel producers slashing cargo prices amid high freight costs and weak demand