Danish shipping company Maersk, will continue to halt all cargo movement through the Red Sea following a recent attack on one of its ships by Houthi militants, the company stated on January 2, 2024.
The suspension, originally initiated for 48-hours on December 31, has thereby been resumed as the company assesses the situation. Other major shipping companies, including Hapag-Lloyd, are also avoiding the Red Sea due to security concerns.
The Iranian-backed Houthis began targeting international shipping in November. The Suez Canal, used by a third of global container ship cargo, remains a crucial route. The recent attacks resulting in rerouting cause up to $1 million in additional fuel costs per round trip between Asia and Northern Europe.
Source: The Straits Times
