Global Shipping Disrupted as Companies Reroute Vessels Due to Red Sea Attacks

Houthi Militants Target Vessels in Red Sea, Prompting U.S. to Establish Multinational Maritime Security Force

• Shipping giants including Maersk and Hapag-Lloyd are rerouting their vessels around the Cape of Good Hope due to attacks by Houthi militants in the Red Sea, causing disruptions in global trade.
• The Houthis, backed by Iran, have been targeting ships in the Red Sea in response to Israel's war on Gaza, warning of attacks on all Israel-bound vessels.
• The Suez Canal, a vital artery for global trade, is being avoided by many shipping companies, potentially increasing the cost of imported goods.
• The U.S. has announced the establishment of a multinational maritime security force in response to the attacks, but the effectiveness of this force is yet to be seen.
• Shipping rates between China and Europe have surged due to the rerouting, and the situation could escalate if the attacks continue.

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