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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.
The Red Sea issue that we're facing right now is a little more localized,” barring a wider conflict in the Middle East, he said. Oil prices have yet to face serious consequences—but that could ...
Red Sea crisis Part of the Iran–Israel proxy conflict, the Middle Eastern crisis (2023–present), and the Yemeni crisis 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, 1 week and 5 days) Location Red Sea, Gulf of Aden (esp. Bab-el-Mandeb ...
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]
The operation aims to ensure both the freedom of navigation and the safety of maritime traffic in the Red Sea, Bab al-Mandeb and Gulf of Aden. [1] Following the start of the 2023 Israel–Hamas war, multiple civilian container and freight ships were attacked and hijacked in the Gulf of Aden by Houthi forces. [28]
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.
The attacks forced shipping to move around Africa and away from the Red Sea, which previously accounted for 12% of global trade. [ 2 ] [ 4 ] Major companies across sixty-five countries have been affected by the crisis, including Shell , BP and Maersk . [ 5 ]