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WorldPosted at: Apr 8 2024 4:17PM


Houthi attacks in Red Sea double shipping costs from China to Europe

Brussels, April 8 (UNI) The cost of shipping a container from China to Europe has doubled, while insurance rates surged 60% due to the need to reroute vessels away from the Red Sea amid attacks by Yemen's Houthis, EU foreign policy chief Josep Borrell said on Monday.
"The Houthis' attacks on the maritime traffic that has to be redirected around the Cape of Good Hope ... this is 10 to 14 days more of traveling. The cost of a container transported from China to Europe has doubled ... and the insurance [for] shipping has increased by 60%," Borrell told journalists at an event dedicated to the EU's recently-launched Aspides mission for maintaining maritime security in the Red Sea.
The Houthis vowed in November 2023 to attack any ships associated with Israel until it halts military actions in the Gaza Strip. This led the United States to announce a multinational operation in December to secure navigation in the Red Sea. US and UK forces have launched numerous strikes against Houthi positions in a bid to degrade their ability to target commercial vessels.
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