The Red Sea shipping crisis has been an explosive mess for the international shipping community and the global economy. With oil tankers increasingly steering clear of the southern Red Sea and the Bab el Mandeb Strait, shipping capacity has rapidly tightened, pressuring daily rates higher. Bloomberg reports only two new supertankers will join the global fleet in 2024, the fewest additions in forty years and about 90% below the yearly average over the last two decades. "The impact of the diversions can be seen every day in shipping in…
