The attacks on ships commercials in the Red Sea made by the Houthi rebels in Yemenwhich have led to some of the main global shipping companies to suspend their operations in the areaput the global supply chain in check and threaten to impact oil and gas importing countries.
Mediterranean Shipping Company (MSC)the world’s leading freight transport firm by load capacity, has temporarily banned the passage of its ships through the maritime corridor that connects Asia and Europe through the Suez Canal, a measure that was replicated this Monday by the oil company BP and the Chinese shipping companies COSCO, OOCL and Evergreen Marine.
The recent drone and missile attacks by Houthi rebels, allies of Iran, are pushing companies to look for alternative routes, mainly through Cape of Good Hope, southern Africaa journey that can add up to ten days of travel to Europe from the Gulf, and even more from Asian ports.
The French CMA, the Danish Maersk and the German Hapag-Lloydamong others, have also renounced the route through the Red Sea given the resurgence of attacks in recent days.
The British navy has warned this Monday of two new incidents off the coast of Yemenwhile the Norwegian Iventro Chemical Tankers has reported an attack against one of its tankers.
Crucial trade route
For him Red Sea passes around 12 percent of the world’s crude oil supply and 8 percent of liquefied natural gas (LNG) transported by sea, so the interruption of the passage of ships represents a disruption for energy-importing countries such as Spain, which last year imported nearly 5% of its gas from Qatar, according to Gonzalo Escribano, director of the energy program, explains to EFE. Energy and Climate Change from the Elcano Institute.
The situation also worries the rest of European countriess that in recent years have made efforts to replace Russia with other gas suppliers and also revives fear of a crisis in global trade.
“Unless something is done to secure the (Red Sea) route against disruptions from the Houthiswe could see a rebound in costs that could weigh on the global recovery in 2024,” Michael Hewson, an analyst at the consulting firm, also told EFE. CMC Markets.
The rates of sea freight (the cost paid for the transport of goods) have already risen between 30 percent and 40 percent as a result of the problems in the Red Seahighlights Escribano, who emphasizes that some shipping companies may already have problems finding ships capable of taking on the long route that surrounds Africa to Europe.
Geopolitical conflict
Experts highlight the differences between the current crisis and the blockade suffered by the Suez Canal in 2021, when the container ship Ever Given It clogged the sea passage for several days.
Thus, Escribano affirms that the “logistical stress” is lower on this occasion, because navigation is not completely closed, despite security problems, and powers such as China, United States or United Kingdom They can apply “deterrence and surveillance” strategies to try to minimize security threats.
At the same time, the think tank Foreign Policy Research Institute considers that “the attacks are unlikely to cease” in the short term and that “they could in fact escalate further, as Israel’s campaign (on Gaza) continues.”
Nicholas Brumfield, researcher at the American centermaintains in a report that the intensification of the Houthi campaign of aggression is a response to the israeli attacks on Stripe and that, unlike Hezbollah and Iran, the Yemeni rebels may be interested in a regional extension of the conflict.
Evergreen Marine, whose headquarters are located in Taiwan, announced today that “given the fierce escalation of the war situation in recent days,” it will suspend with immediate effect the import and export service of Israel “due to increased risks and safety considerations.”
“Due to operational problems, OOCL will suspend the acceptance of cargo to and from Israel with immediate effect until further notice,” the shipping company based in Hong Kong.
Last Friday, the maritime transport groups Maersk and Hapag-Lloyd announced the temporary suspension of navigation through the Canal Suez and the Red Sea after several ships were attacked in recent days off the coast of Yemen.
Other groups supported this decision and joined the temporary suspension without specifying a date to resume navigation along this route.
The Houthis have launched several volleys of missiles and drones against southern Israel in the last two months, and also against ships flying the flag of the Jewish State or owned by Israeli companies in the Red Sea and the Strait of Bab al Mandeb.
Last Friday was the most violent day against international maritime navigation in that area after at least three ships were attacked, two of them claimed by the Houthis, a movement backed by Iran.