China's largest shipper reportedly suspends trips to Israel as Red Sea tensions mount
Publishing timestamp: 2024-01-08 07:57:56
Summary
Cosco, a Chinese shipping giant, has suspended shipping to Israel through the Red Sea due to rising tensions in the region. Attacks by Iran-backed militants have led to higher freight rates and longer shipping journeys. Other major shipping companies have also paused shipping through the Red Sea. Cosco's decision is significant as it cooperates with Israeli shipping line ZIM, which will have to operate more ships on Far East routes.
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Keywords: environment, transportation, business news, cosco shipping international (hongkong) co ltd, israel, south africa, hapag lloyd ag, breaking news: business, ap moeller - maersk a/s,