The cost of container shipping has surged by 45% in a week due to attacks by Iran-backed Houthi rebels in the Red Sea, leading to major shipping companies halting vessels and rerouting ships. This has driven up the cost of sending a 20-foot container from Shanghai to Europe to $1,497, up from $562 in October. The attacks have forced at least 120 container ships to reroute, reducing global shipping volumes by 20%. Shipping firms are imposing surcharges, and Maersk expects disruptions to continue for months. The attacks threaten global supply chains, potentially curtail global shipping capacity by 20%, and could reignite inflationary pressures, posing a risk of inflation in 2024. The UK has taken a hard line on Iran's threats, warning that it will not tolerate Iran's malicious activities and seeking collaborative efforts with allies to counter Tehran's influence. The Houthis' actions have drawn strong condemnation, with calls to stop the attacks immediately to protect freedom of navigation and world trade.
British Defense Minister: We will not allow the Red Sea to be a restricted area Yemeni attacks are a direct threat to international trade and maritime security!
🇬🇧Foreign Secretary said he was “extremely concerned” about the #Houthi attacks “because the freedom of shipping and maritime security are incredibly important not just #Britain, but actually the whole world”. Houthi rebels pledged to disrupt maritime traffic over #Israel’s… https://t.co/TpxQ4ZqUR8
🇬🇧 The Foreign Secretary calls #Hamas, #Houthis & #Hezbollah “proxies” for Iran who are contributing to an extremely high level of “danger & insecurity” around the world. BRITAIN will not tolerate the escalation of #Iran’s “malign” activities in the #MiddleEast or on #UK soil.
The Houthis want to shutdown shipping in the Red Sea. That could mean record profits for shipping companies. https://t.co/FYtKNEmCiz
Live update: UK’s Cameron says Iran ‘a thoroughly malign influence in the region and the world’ https://t.co/4rJEABLuXO . Click to read ⬇️
British Foreign Minister: Hamas, Houthis and Hezbollah represent Iran and have undermined stability and security around the world with their actions. Cameron: A clear message must be sent to Iran that we will not tolerate attacks on ships in the Red Sea. British Foreign… https://t.co/N2E6C05KTg
🔴 Britain will not tolerate the escalation of Iran’s “malign” activities in the Middle East or on UK soil, Lord Cameron has warned. 🔓 This front page story is currently free to read 👇 https://t.co/G51Bb11oOV
Foreign Secretary Lord Cameron has warned that the UK will be tough on Iran as it seeks to tackle the state's malign influence on geopolitics https://t.co/io9BqajxBF
🚨 UK TAKES HARD LINE ON IRANIAN THREATS "We will not tolerate Iran's malicious activities," states UK Foreign Secretary after Iran's recent vessel attack in the Indian Sea. Collaborative efforts with allies planned to counter Tehran's influence. Iran-backed Yemini Houthis… https://t.co/wrdkTzBceO https://t.co/y7xMsh4B6W
SUNDAY TELEGRAPH: Cameron: malign Iran is threat to the world #TomorrowsPapersToday https://t.co/GGKepO1QVH
David Cameron’s first newspaper interview as Foreign Secretary: 🔴 Warns UK will not tolerate Iran’s “malign” activities 🔴 Reveals he summoned Tehran’s representative in UK over targeting of journalists 🔴 “Golden era” of relations with China is over https://t.co/Ob54jzXRCn https://t.co/fVy1Xrb7je
Shipping firms impose extra fees as Red Sea attacks hit global trade https://t.co/HHc4noetss
BREAKING NEWS RED SEA ATTACKS THREATEN TO CUT GLOBAL SHIPPING CAPACITY 20% 20%. Supply chains…
"Every time supply chains get disrupted, shipping rates go up. Who benefits from higher rates? Ship operators and owners.” Shipping companies stocks are soaring as the Houthis fire ballistic missiles and drones at vessels in the Red Sea. https://t.co/uJBk4Zligr
Houthi attacks: Hundreds of ships to reroute from Red Sea, 44% cost spike for China https://t.co/L7jeQlTruq
By attacking vessels in the Red Sea, the Houthis, a once ragtag group of fighters that captured Yemen's capital in 2014, are boosting shipping companies' bottom lines and powering their stocks. https://t.co/FYtKNEmCiz
The cost of shipping goods has increased by 45% in the past week as major companies paused activity in the Red Sea global supply artery. Read more 🔗 https://t.co/q82Z27gN9w
Maersk, the world’s second-largest container line, is expecting shipping disruptions in the Red Sea to continue for months because of heightened security risks https://t.co/0tZJGILoCq
Hundreds of ships now forced to reroute from Red Sea driving 44% cost spike for China containers to Med., as result of Iran-backed Houthis attacks. Read @jackvdutton : https://t.co/2MlAAQvTZk
Shipping costs rise by nearly 50% in a week and could go up further amid Red Sea attacks 🔗 https://t.co/qxBoeRDEX2
As a result of Houthi shelling of ships in the Red Sea, total global shipping volumes will be reduced by 20% - Japanese Nikkei Shipping companies have been forced to reroute at least 120 container ships due to threats from the Houthis' Ansar Allah movement, with the ships…
Many firms have decided to avoid the Red Sea as Houthis attack vessels passing through. This will have sharp consequences for the world economy https://t.co/3HIXmGQhqg 👇
The series of ship attacks by Iran-backed Houthi rebels in the Red Sea could curtail global shipping capacity by 20% in a fresh blow to supply chains that could reignite inflationary pressures. https://t.co/A7fqjqYx5p
Iran and its Houthi proxies know they can attack ships in the Red Sea because they don’t fear Joe Biden. Until we destroy the Houthi’s helicopters, missiles, and drones—and any Iranian ships helping them—these terrorists will continue to attack global commerce with impunity.…
By launching drones and missiles at ships transiting the Red Sea, Yemen's Houthi rebels are threatening the global economy. They must be stopped https://t.co/2qJGtR33Am via @opinion
Freedom of navigation is protected under international law. The Houthis are threatening this freedom as well as world trade with their violent attacks in the Red Sea. These attacks must stop immediately.
🚢 The cost of container shipping has risen 45% in the last week alone as major shipping companies halt vessels and avoid the Red Sea It currently costs $1,497 to send a 20-foot container from Shanghai to Europe, up from $562 in Oct Adds to the risk of inflation in 2024 https://t.co/eFXcIKE6iA
Billions in cargo diverted amid Red Sea disruptions – CNBC The uncertainty over the key route linking Asia and Europe threatens global supply chains https://t.co/uqGSEZFdvH https://t.co/9V8MNqGTjB
Shipping firms impose surcharges as Red Sea attacks hit global trade https://t.co/sPYKs48V9i https://t.co/NEjMYW3dNm