Global shipping rates skyrocket as Red Sea crisis deepens
Global shipping rates are skyrocketing as the Iran-backed Houthi militants in Yemen step up their attacks on commercial shipping vessels in the Red Sea, a critical waterway for world trade.
Global shipping rates are skyrocketing as the Iran-backed Houthi militants in Yemen step up their attacks on commercial shipping vessels in the Red Sea, a critical waterway for world trade.
You can see exactly where the drone attack hit. Just look for the grisly black scorch marks staining the ship's white paint. On 17 January, the MV Genco Picardy, a US-owned bulk carrier, became the latest victim of Houthi rebel assaults on commercial ships sailing through the Red Sea. One of the world's busiest shipping lanes is now, surely, the most dangerous.
The Houthi rebels, unbowed by U.S. strikes, are continuing to attack ships in the Red Sea, putting the Biden administration in a bind as it works to stomp out the Yemeni militant group’s aggression and resume global trade operations.
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Amidst mounting tensions, the Red Sea crisis escalates, posing significant threats to global shipping and the economy. This article delves into the impact of Houthi militant activities on international trade routes and the wider geopolitical and economic ramifications.
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