The strike marks a serious escalation of attacks by Houthi militants given they have, so far, primarily targeted container vessels moving through the Red Sea
Since the assault by Iran-backed Houthis began in December, 39% fewer ships are moving through the Suez Canal, leading to a 45% decline in freight tonnage
The situation in the Red Sea has remained volatile despite extensive efforts by a US-led coalition to avert attacks by Houthi militants
Attacks by Iran-backed Houthis have doubled the cost of exports from India and cast a shadow over China's commercial interests and major investments along the Suez Canal
A tanker was reportedly seized on Thursday by armed men near Oman and headed toward Iran; attacks on vessels near the Red Sea are taking a toll on global commerce.
COSCO’s decision comes on the back of increasing tensions in the Red Sea, one of the most used trade routes in the world
Shipping giants are bracing for significant disruptions to affect key routes like the Panama Canal and knock complex vessel schedules out of sync
Japan's biggest sea freight companies, Mitsui OSK Lines and Nippon Yusen, and Germany’s Hapag-Lloyd are worried about threat of attacks in Red Sea
California port leaders expect imports to rise as Shanghai, home to the world's busiest seaport, emerges from a two-month Covid-19 lockdown
Additional shipping delays, port congestions and logistics under-capacity are expected while transport hub Shanghai remains in lockdown, the Danish company said.
Ukraine conflict has knocked 2.8% off world trade over last two months. And the Kiel Trade Indicator says China trade faces 'stagnation', due to the Covid lockdown in Shanghai
The funding will assist Papua New Guinea Ports Corporation to increase capacity to accommodate larger ships, including container vessels