Global trade is facing significant disruptions due to a confluence of geopolitical and environmental challenges. Shipping costs have surged more than 100% in just six weeks, largely attributed to increased geopolitical tensions in the Red Sea. The United Nations Conference on Trade and Development (UNCTAD) highlighted on Thursday that attacks by the Iran-backed Houthi rebels against shipping in the area are having devastating effects on global trade and supply chains. These disruptions are compounded by the ongoing war in Ukraine and climate change-related issues such as low water levels in the Panama Canal. Notably, the cruise operator Carnival has reported potential impacts to their operations due to the situation in the Red Sea. Additionally, freight traffic through the Suez Canal has nearly halved since the Houthi rebels began targeting cargo ships.
U.N. Warns Global Trade Being Strangled by Red Sea Attacks, War in Ukraine, and Low Panama Canal Water Levels https://t.co/HK93UFeDoA
Freight travelling through the Suez Canal has almost halved since Yemen's Houthi rebels began attacking cargo ships in the Red Sea. Read more on this story 🔗 https://t.co/7ZoTULErV6
⚠️ CRUISE OPERATOR CARNIVAL FLAGS IMPACT TO OPERATIONS AMID RED SEA TENSIONS (Reuters) Cruise operator Carnival on Friday joined the growing list of companies flagging a potential hit to their operations following attacks on ships in the Red Sea by the Iran-backed Houthis. "We… https://t.co/YW1xHH43XL
UN: Global trade is being disrupted by Red Sea attacks, war in Ukraine and low water in Panama Canal https://t.co/VoQX85Vg7n
U.N. sounds alarm that global trade is being disrupted by triple threat of Red Sea attacks, Ukraine war and low water in Panama Canal - FORTUNE https://t.co/9bwrHYBBie
UN: Global trade is being disrupted by Red Sea attacks, war in Ukraine, and low water in Panama Canal https://t.co/m1ZSnxbb29
Houthi attacks against commercial ships in the Red Sea have upended global shipping. The disruptions could soon ripple through the global economy. Get the latest: https://t.co/6Vea2dAhOU
Attacks against shipping in the Red Sea by Houthis are devastating for global trade and supply chains, already reeling under the impacts of the war in Ukraine and climate change-linked conditions in the Panama Canal, @UNCTAD said on Thursday https://t.co/vm4N8WRHVF
Shipping costs are rising aggressively amid geopolitical tensions in the Red Sea In just 6 weeks, global freight rates have shot up more than 100% https://t.co/XKDKIpMj7s