Red Sea crisis causes a port to lose $50 million in six months
The Israeli port of Ashdod has suffered major losses as a result of the Israeli-Palestinian conflict, as the number of cargo ships travelling to the port of Ashdod has plummeted due to the Houthis targeting ships travelling to Israeli ports as well as ships linked to Israel.
The port of Ashdod, which is Israel's second-largest port after the port of Haifa, lost nearly 27 million shekels (about Rs. 51.88 million) in the first half of this year, while in the same period last year, it made a profit of about 71.2 million shekels (about Rs. 137 million), according to Israeli media reports.
This is the second Israeli port to be hit hard, after the port of Eilat on the Red Sea coast, Israel's third-largest, declared bankruptcy after port activity dropped by 85 per cent because of Houthi attacks.
The Israeli government fears that as the situation deteriorates further, the country's trade will suffer even more damage, as the Lebanese port of Allah can easily strike the port of Haifa. It is estimated that the Israeli economy has suffered tens of billions of dollars worth of damage since the beginning of the Palestinian-Israeli conflict.
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