Houthi Attacks in Red Sea Pose Serious Threat to Global Supply Chain

Iran-backed Houthi militants in Yemen have been attacking ships in the Red Sea, including more than a dozen attacks since early October. Major shipping companies like MSC, Maersk, Hapag Lloyd, CMA CGM, Yang Ming Marine Transport, and Evergreen have suspended services through the Red Sea over safety concerns, representing around 60% of global trade. The route changes add up to 14 extra days for shipping, increasing fuel costs. It also reduces available vessel capacity by around 20%, which can cause delays in container and commodity deliveries.