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Attacks on container ships in the Red Sea have wreaked havoc on one of the world’s most important trade routes, increasing shipping costs and raising inflation fears. Here’s what you need to know.
Further Red Sea disruptions would pile pressure on a struggling Chinese economy already contending with a property crisis, weak consumer demand, a shrinking population and sluggish global growth.
Experts agree that in theory, the Red Sea crisis could certainly cause shipping costs and oil prices to soar, leading to a resurgence in global inflation that would force the Federal Reserve to ...
Red Sea crisis Part of the Iran–Israel proxy conflict, the Middle Eastern crisis (2023–present), Yemeni crisis, and attacks on the United States Map of Houthi activity near the Yemeni coast: Houthi-controlled Yemen (SPC) Government of Yemen (PLC) Houthi attacks (red) and hijackings (blue) Date 19 October 2023 – present (1 year, 2 months and 2 days) Location Red Sea, Gulf of Aden (esp ...
The U.S., along with Maersk security personnel aboard the ship, repelled the attack. The U.S. sank three Houthi vessels, killing ten Houthis. Maersk announced a 48-hour pause on shipping through the Red Sea following the incident. [1] On January 2 Maersk announced a halt on shipping through the Red Sea due to Houthi attacks. [2]
Maersk has imposed a 48-hour delay on its vessels moving through the Red Sea, following an attack on one of its merchant ships by Iranian-backed Houthi fighters based in Yemen.
Causes of the economic slowdown included workers becoming sick with COVID-19 as well as mandates and restrictions affecting the availability of staff. In cargo shipping, goods remained at port due to staffing shortages. The related global chip shortage has contributed to the supply chain crisis, specifically in the automobile and electronics ...
Attacks by Iran-backed militants in the Red Sea have effectively closed one of the world’s main trade routes to most container ships — vessels that carry everything from car parts to Crocs ...