Four of the world's largest shipping companies have announced the suspension of Red Sea routes, and transport costs are likely to soar in the short term
A number of freight companies have stopped their ships traveling through the Red Sea after being targeted by Houthis - an Iran-backed rebel movement - in Yemen.
The Red Sea is one the world's most important routes for oil and fuel shipments, as well as consumer goods. It is the route by which ships can reach the Suez Canal - itself a major shipping lane. Avoiding it means vessels must take much longer routes, for example navigating around southern Africa.
Officials in Egypt have insisted that traffic is flowing normally through the Suez Canal, despite the recent attacks.
The world's largest shipping group, Mediterranean Shipping Company (MSC), has announced it is diverting its ships away from the Red Sea because of increased threat of attacks.
French company CMA CGM took a similar step a day after Danish shipping giant Maersk and German transport company Hapag-Lloyd suspended Red Sea journeys.
MSC, Maersk, Hapag Lloyd, CMA CGM, Yangming Shipping and Evergreen all said they would immediately change all planned itineraries to ensure the safety of their seafarers and vessels. Together, these shipping companies account for about 60 percent of global trade.
The Red Sea is one the world's most important routes for oil and fuel shipments.In this case, multiple container ships will detour, there will be a voyage delay, please consult us for details.
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