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HomeBuisnessGlobal Trade Patterns Shift During Red Sea Attacks - National Pi News

Global Trade Patterns Shift During Red Sea Attacks – National Pi News

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Japanese shipping operator Nippon Yusen suspended sailings through the Red Sea on Tuesday after Yemen’s Houthi movement vowed to increase attacks on ships in the region.

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The Iran-allied Houthi group has threatened to include US ships in its targets in response to US and British strikes on Yemeni facilities.

Houthi attacks on ships in the region since November have affected companies and alarmed major powers as Israel’s more than three-month conflict with Hamas militants in Gaza escalates. The group says it is working in solidarity with the Palestinians.

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As well as disrupting supply chains, there are concerns that the attacks could make it harder for policymakers to control global inflation.

Last week’s strikes on Yemen made British and American ships “legitimate targets,” Houthi spokesman Nasruddin Amer told Al Jazeera.

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The Houthis previously said they would only attack Israeli ships or ships bound for Israel.


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Growing economic impact of Red Sea conflict felt: business analysts


Nippon Yusen, also known as NYK Line, has ordered its ships operating near the Red Sea to wait in safe waters and is considering rerouting, a company spokesman said on Tuesday.

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In the latest apparent attack, U.S. Central Command said Houthi forces in Yemen fired an anti-ship ballistic missile at the U.S.-owned and operated dry bulk carrier Gibraltar Eagle on Monday. There are no reports of casualties or serious damage.

Container ships are stopping or getting diverted from the Red Sea, which leads to the Suez Canal, the fastest shipping route from Asia to Europe. Many ships had to take the longer route through South Africa’s Cape of Good Hope instead.

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Yemen’s vice president said on Tuesday that the US-led coalition was powerless to protect commercial traffic in the Red Sea because regional powers Saudi Arabia, the UAE and Egypt did not participate.

Speaking about the narrow strait at the entrance to the Red Sea, Aydarus al-Zubaidi told Reuters, “This Bab al-Mandab corridor is of interest to the whole world and the region, so regional intervention is important.”

Zubaydi’s breakaway Southern Transitional Council is part of the coalition fighting the Houthis in Yemen.

Also speaking at Davos, Chinese Premier Li Qiang said it was important to keep global supply chains “stable and smooth.”

12% of the world’s traffic passes through the Red Sea through the Suez Canal.

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Click to play video: Red Sea: World leaders react to US-UK strikes against Houthis in Yemen


Red Sea: World leaders react to US-UK strikes against Yemen’s Houthis


Ships supplying liquefied natural gas (LNG) from Qatar are among the many forced to sail around Africa via the Cape of Good Hope. Nine days can be added to an 18-day trip from Qatar to northwest Europe.

On Tuesday, four tankers used to ship Qatari LNG resumed their course after several days of downtime, according to LSEG ship tracking data.

According to reports, the LNG tanker “Al Reqayat” resumed its passage through the Red Sea and headed for Qatar after being suspended on the Red Sea route since January 13.

Qatar’s LNG carriers Al Ghariya, Al Huwaila and Al Nuaman were also reportedly on the move, although they were still heading towards the Suez Canal, heading south. those who changed.

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The military strikes will not include Houthi attacks on commercial shipping but will end the conflict in Gaza, Qatar’s prime minister said in Davos.

“We must solve the central problem, which is Gaza, to neutralize everything else,” said Sheikh Mohammed bin Abdulrahman Al Thani.

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