Shipping insurance rates soar on Red Sea missile attacks
Attacks by Yemen’s Houthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes. The Houthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 per cent of global trade usually passes. Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to IMF data. The Iran-backed Houthis argue the attacks are in solidarity with ...
Read More »