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CNA
11-07-2025
- CNA
Death toll rises to four in Red Sea Houthi ship attack: EU naval force
DUBAI: Four crew members of a cargo ship attacked and sunk by Yemeni rebels earlier this week are presumed dead, an EU naval force said Friday (July 11), with search operations ongoing in the Red Sea. "Fifteen crew members are missing. The four presumed casualties are among the missing crew members," the European Union's Operation Aspides naval task force told AFP, citing a private company conducting search and rescue operations. On Monday, the Iran-backed Houthi rebels attacked the Liberian-flagged bulk carrier Eternity C in the Red Sea off the port city of Hodeida for two days before sinking it. The group says it is acting in solidarity with the Palestinian people over the war in Gaza. It was the second such attack on maritime shipping in the vital waterway in as many days after months of hiatus, marking a return to the rebels' campaign against shipping they accuse of having links to Israel. A total of 25 people were onboard the ship, according to Aspides. Many shipping companies have suspended voyages due to the fear of attack. On Thursday, the Greek operator of the vessel, Cosmoship Management, confirmed that so far ten people have been rescued - eight Filipino crew members, one Indian and one Greek security guard. The crew were forced to jump into the water, following a second attack on the vessel on Tuesday morning. Rescuers have been searching for survivors since Wednesday morning. Four people rescued on Thursday morning had spent nearly 48 hours in the water. HOUTHIS HAVE TAKEN SOME OF SHIP'S CREW On Wednesday, the Houthis' military spokesperson said in a televised address that the Yemeni navy had "responded to rescue a number of the ship's crew, provide them with medical care, and transport them to a safe location". The United States Mission to Yemen has accused the Houthis of kidnapping crew members and has called for their immediate, unconditional safe release. "We understand that the Houthis have picked up some people, and we are working through multiple channels as a matter of priority to verify this information," Cosmoship Management said. Rescuers are continuing their search, said Cosmoship, which has asked vessels passing in the area to assist in that effort. The Houthis, who control large swathes of the Arabian Peninsula's poorest country, had paused their attacks a little before a short-lived Gaza ceasefire in January before renewed them in recent days. CARGO FOR THE UN WORLD FOOD PROGRAM Eternity C had delivered a cargo for the UN World Food Program to Berbera, Somalia, and was sailing in ballast condition to Jeddah, Saudi Arabia, for fuel at the time of the first attack on Monday, the operator said. Both of the vessels hit this week flew Liberian flags and were operated by Greek companies. All crew from the other ship called Magic Seas were rescued before it sank. "These are blameless victims who were simply doing their job," the UK-based Seafarers' Charity association said. "Seafarers should be able to work safely at sea. Instead, they are being unfairly forced into the firing line." HOUTHIS HAVE BANNED SHIPS ASSISTING ISRAEL Abdul Malik al-Houthi, the leader of Yemen's Houthi fighters, reiterated in a televised address on Thursday the group's ban on companies transporting goods related to Israel through the Red Sea, Gulf of Aden and the Arabian Sea. He said this week's attacks were part of that ban, which has been in place since 2023. "It was never stopped or cancelled, and it is a valid decision," he said. "What was discovered (this week) was the violation by some companies of the decision."
Arabian Business
09-05-2025
- Business
- Arabian Business
AD Ports Group's Q1 revenue grows 18% and total net profit 16%
Driven by the continuing success of its Ports, Economic Cities & Free Zones (EC&FZ), and Maritime & Shipping clusters, AD Ports Group reported impressive double-digit growth from top-line to bottom-line in its financial results for the first quarter (Q1) of 2025. AD Ports Group reported an 18 per cent year-on-year (YoY) increase in revenue, reaching AED4.6 billion (US$1.25 billion), while total net profit grew 16 per cent to AED464 million (US$126.4 million). Strong Q1 growth reported EBITDA was up 9 per cent YoY to AED1.14 billion (US$310.6 million). This included a 17 per cent increase in Ports, a 10 per cent increase in Maritime & Shipping, and a 7 per cent increase in Economic Cities & Free Zones. Group EBITDA margin stood at 24.7 per cent for the reported quarter. Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, commented: 'The positive momentum from our record 2024 financial results continued into the first quarter of 2025, as our resilient and value-adding business ecosystem of interrelated trade, transport, and logistics businesses weathered prevailing macroeconomic and geopolitical uncertainties to drive strong, double-digit growth in revenue and net profit. 'The Q1 solid growth was driven by our Ports, Economic Cities & Free Zones, and Maritime & Shipping clusters, which continue to benefit from our agile response to ongoing geopolitical crises and our ongoing investments in core infrastructure amidst our international expansion. 'In line with the vision of our wise leadership in the UAE, we will continue to follow this prudent, profit-enhancing 'intelligent internationalisation' strategy this year as we carefully navigate the turbulence around us to maintain course and position of AD Ports Group, and Abu Dhabi, as world leaders in sustainable trade, transport, logistics, and economic development, drawing on the latest AI and technology innovations.' There was a marginal increase in total debt, but AD Ports maintained a strong liquidity position, with net debt/EBITDA at a stable 3.4x, compared to 3.3x at the end of 2024. Operating cash flow was slightly down, impacted by the timing of collections, which led to unfavourable working capital changes. It was at AED725 million (US$197.5 million) in Q1 2025, compared with AED781 million (US$212.8) in the same period in 2024. While visibility on the global macroeconomic front continues to be challenging (Red Sea/US tariffs), AD Ports Group said it was 'well positioned geographically and through its holistic five-cluster integrated business ecosystem, and its asset base and service offering, to deal with the ongoing unpredictable environment. 'The Red Sea disruptions continue to impact positively the Group's container shipping business while the evolving US tariff policies have had (and are expected to have) an immaterial effect based on the announcements that have been made so far,' the company said in its filing with Abu Dhabi Securities Exchange (ADX).
