How conflict in the Red Sea is affecting global trade | Israel-Hamas war

How conflict in the Red Sea is affecting global trade | Israel-Hamas war

A spectacular attack by houu rebels under the blazing sun of the Red Sea the consequences felt thousands of miles away here in rainy reading this was the first attack by the Iranian backed militia but it was not the last and the ongoing raids are putting pressure on global trade including for

This tea retailer which relies on safe passage for its goods from east to west that passage is still not safe from houy Attack which is why the foreign secretary made this ultimatum the clear message here and over 10 countries have signed a statement saying to the houthis these attacks are unacceptable they’re

Illegal and they’ve got to stop and if they don’t stop action will be taken just hours after he spoke there were reports of another ship being boarded east of Yemen and the US Navy said a houy drone boat had had detonated the seizure of the Galaxy leader on the 19th

Of November was the first attack but there have been 47 reported instance in total a term that also takes in interceptions of houthi attacks by the US and the UK now they include physical damage from drones and missiles direct approaches by houthi boats one instance of boarding sightings of houthi rebels

And more than a score of suspicious approaches now the reason for that warning from the foreign secretary is because around 15% of the World’s Trade passes through those Waters or at least it did before Lloyd’s list told Sky News that had fallen by a third so this route

Is not completely shut off Chinese and Russian ships continue to sell these roots unmolested for examples but Western companies which have been targeted been forced to take the longer way around a much longer route an additional 3 a half thousand nautical miles taking around an extra 10 days and

Brands including Ikea and next have warned that will mean delays in products arriving here in Europe and potential stock shortages too those are big brands that can withstand the storm smaller companies have less ballast so that’s China this China as you can see the origin out there the shipments for this T retailer

Usually come through the Red Sea instead they’ve been diverted and the company is running short of stock we are a business we have to survive so yes if this continues we’re hoping at the moment a short-term problem but if it continues then yes we will have to increase the costs

The West may warn of consequences but the attacks are apparently ongoing those consequences may be felt less by the houthis than on our shelves instead Tom cheser Sky News reading

Some companies are experiencing stock shortages due to the conflict in the Red Sea.

Attacks by Iran-backed Houthi rebels on Western ships are forcing companies to find safer alternative routes.

But those routes are often several thousands miles longer than the Red Sea route and can add 10 days to a journey time.

And with 15% of global shipping using the channel between Iran and Saudi Arabia, that is having a knock-on effect for high street brands such as Ikea and Next.

Read more: https://news.sky.com/israel-hamas-war

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