The Red Sea faces a potential trade disruption as four of the world’s largest shipping companies suspend operations following missile attacks by Yemeni Houthi rebels. The escalation, triggered by the Israel-Gaza war, prompted industry leaders like the Mediterranean Shipping Company (MSC), CMA CGM, Maersk, and Hapag-Lloyd to withdraw from the Red Sea, impacting global trade routes.
Missile Attacks Prompt Shipping Giants to Suspend Operations
Major players such as MSC, the world’s largest shipping group, and others halted Red Sea transits after Houthi rebels targeted commercial vessels. The decision follows an attack on MSC’s container ship, Palatium III, and heightened risks for seafarers. This suspension, coupled with existing tensions, raises concerns about the critical trade route’s stability, potentially impacting global commerce and increasing shipping costs.
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Source: N Business
