Here's how the Houthi attacks in the Red Sea threaten the global supply chain
Publishing timestamp: 2023-12-19 05:47:01
Summary
Houthi militants backed by Iran have been attacking ships in the Red Sea, causing disruptions to global trade. Major shipping lines and oil transporters have suspended their services in the region. The US and other countries are creating a new force to protect ships. The attacks have led to increased shipping costs and delays in container and commodity deliveries. Insurers are widening their high-risk zone, which could result in higher costs for shippers and consumers. The situation also poses a risk of further disruption to supply chains. The route shifts may also impact Egypt's struggling economy, as it owns and operates the Suez Canal.
Sentiment: NEGATIVE
Tickers: HLAG-DE, CVX, MAERSK.B-DK, HLAGF, AMKBF, BP.-GB,
Keywords: lloyd austin, bp plc, business, business news, ap moeller - maersk a/s, egypt, transportation, environment, hapag lloyd ag, israel, chevron corp, trade, breaking news: business,
Source: https://www.cnbc.com/2023/12/18/how-houthi-attacks-in-red-sea-threaten-global-supply-chain.html