In a recent development, major shipping companies like Denmark’s Maersk and Germany’s Hapag-Lloyd have announced the continued avoidance of the Red Sea route, a crucial passage for accessing the Suez Canal. The decision follows a weekend attack on one of Maersk’s vessels by Yemen-based Houthi militants. The ripple effects of these disruptions pose significant challenges... Read more »
Last week a 1,300-foot container ship became wedged in the Suez Canal in Egypt, causing massive disruption to the already squeezed global ocean shipping industry. More than 10% of world trade is said to pass through this canal, as it greatly shortens the route between continents. The blockage is estimated to have cost $10 billion... Read more »
