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Some 10% of global seaborne oil trade and 8% of liquefied natural gas is shipped via the Suez Canal, with increased diversions now seen around the Cape of Good Hope
The decision by the U.S. and UK to hit back at Houthi militants after weeks of attacks on merchant shipping in the Red Sea has only escalated the chaos across the shipping industry, underscoring the threat of an enduring supply-chain crisis.
The U.S. and U.K.’s decision to hit back at Houthi militants has only escalated the chaos across the shipping industry, underscoring the threat of an enduring supply-chain crisis as vessels navigate the crucial trade route.
On Wednesday, a third commodity carrier in three days was struck, this time by a drone. Senior officials in the shipping industry privately acknowledge that many crew are now frightened at the prospect of transit.
The global shipping industry is broadly following the warnings from the Combined Military Force, trade groups, and security consultants, all of which...