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Global Shipping Routes Disrupted by Yemeni Rebel Threats

16 Dec 2023 10:31 am
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Mumbai, 16 Dec (Commoditiescontrol):Several leading global shipping companies, including AP Møller-Mærsk and Trafigura, have suspended their journeys through the Red Sea due to increasing threats from Yemeni rebels. This decision significantly impacts trade through the Suez Canal, a crucial waterway for container ships and crude oil shipments.

AP Møller-Mærsk, owning the world’s second-largest container fleet, has paused all vessels slated to pass through the Bab-el-Mandeb strait. The strait, near Yemen, has witnessed over 10 ship attacks by Iran-backed Houthi rebels since the Israel-Hamas conflict began.

Mærsk expressed deep concerns over the escalating security issues in the southern Red Sea and Gulf of Aden, citing significant risks to crew safety. Similarly, Trafigura is implementing additional precautions for its vessels.

The decision by these shipping giants, including Germany's Hapag-Lloyd, to halt Red Sea traffic could add thousands of miles to Europe-Indo-Pacific trade routes, according to Eurasia Group's Henning Gloystein. Maersk Tankers, operating a massive product tanker fleet, advised diverting via the Cape of Good Hope, avoiding the troubled region.

This disruption comes at a challenging time for global supply chains, already strained by drought-induced delays in the Panama Canal. Industry experts, including Marco Forgione of the Institute of Export & International Trade, warn of severe impacts on supply chains, potentially affecting timely deliveries for the holiday season.

The US is expected to announce the formation of a task force ensuring safe Red Sea passage. US national security spokesperson John Kirby highlighted discussions with partners to maintain commerce flow in this vital region.

(By Commoditiescontrol Bureau: 09820130172)

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