China’s shipbuilding output increased by 12% year-on-year to 38 million dwt during the period running from January 2023 to November, making up50.1% of the planet’s total output.

Every major commercial shipping line is rerouting vessels away from the Suez Canal in response to the recent series of missile attacks by Houthi militants in the Red Sea.

The attacks in the Red Sea, which handles about 12% of world trade as a key waterway for goods and energy, have emerged as a fresh threat to global supply chains.

BP is the first oil company to directly halt its own shipping, after five major ocean carriers halted service through The Bab al-Mandab strait.

About 17,000 ships and 10% of global trade pass every year through The Bab al-Mandab strait, also known as the Gate of Tears, which is only 20 miles (32km) wide.

Maersk said December 14 that its vessel, Maersk Gibraltar, was targeted by a missile when traveling from Salalah, Oman to Jeddah, Saudi Arabia.

Both December 15 attacks, one missile-based and the other drone-based, came from a part of Yemen controlled by the Houthi rebel movement.

Star Bulk Carriers' shareholders will own 71% of the company while the remaining 29% will be owned by Eagle Bulk shareholders.

Houthi spokesperson Yahya Saree said that the ship was targeted December 11 after its crew failed to respond to warnings.

A so-called dark fleet of tankers like the Liberty, which already existed before Russia invaded Ukraine, has ballooned since.