THE GEOPOLITICAL RISKS of the ongoing war between Hamas forces and Israel's army engulfing the region have escalated with attacks on shipping vessels since November 19 by Yemeni Houthi forces in the Red Sea, the route to and from the Suez Canal which is the quickest way for goods to transit between Asia and Europe. The Suez Canal accounts for 30% of all container ship traffic and is a vital conduit for crude oil shipments. The Houthi attacks have prompted leading global shipping companies to reroute their vessels around Africa via the Cape of Good Hope, which inflates costs as vessel journeys take one to two weeks longer.
Indian exporters expect freight rates to go up by as much as 25% and insurance premiums to rise if the Red Sea disruptions continue for much longer.
Bu hikaye Financial Express Mumbai dergisinin December 26, 2023 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin December 26, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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