Houthi Militant Attacks on Red Sea Shipments Impact Global Supply

Horizontal Houthi - The Chemical Company

Recent attacks by Iran-backed Houthi militants on ships passing through the Red Sea are impacting global trade with immediate implications. Nearly ten shipping companies have announced changes to global shipping lanes to avoid the region, causing some lanes to take 40% longer and multiple times more expensive to handle. Countries are vowing to provide increased security in the region to minimize the attacks. In the short term, ocean freight rates out of Asia and Europe have been seen to increase significantly on new quotes over the recent days.

To read more, click here.

Share:

Facebook
Twitter
LinkedIn
Email

Related Posts

Seasonal Products In Scope

As summer is in full-swing, planners and purchasing managers slowly start to turn their attention to fall and winter bids, requirements and budgets. The effects

Economic Results & Outlook

The US economy, as dictated by quarterly GDP, rebounded by 3.0% for Q2, after a slight contraction in Q1. Inflation rose slightly in the past