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Suez Canal Incidents: Over 300 vessels have opted for a 6,000 nautical mile diversion around the Cape of Good Hope in recent days. Consequently, transit durations, shipping costs, and insurance premiums have risen, posing a potential disruption to global production timelines. With the Houthi assault in the Red Sea looming over world trade, what solutions can be explored?
A year that started with smooth sailing for the global economy -- vanishing supply snarls, slower inflation and fading pandemic gloom -- is ending with another gathering storm as the maritime industry and retailers that rely on it confront crises in the world's two big ocean-to-ocean canals.
A year that started with smooth sailing for the global economy -- vanishing supply snarls, slower inflation and fading pandemic gloom -- is ending with another gathering storm as the maritime industry and retailers that rely on it confront crises in the world's two big ocean-to-ocean canals.
Drought, war and supply chain disruption snarling major shipping routes
Global shippers are grappling with a spike in costs as some ships are forced to take lengthy diversions to avoid disruptions at the Suez and Panama canals.