Asia-to-Europe shippers are facing huge increases in sea freight costs, due to the escalation in missile and drone attacks by Houthi rebels on merchant shipping on passage to and from the Suez Canal.
Ocean carriers are already adding war-risk surcharges to shipper invoices, but with the situation deteriorating daily, shipping lines will increasingly look to re-route vessels around the Cape of Good Hope, rather than transiting the Suez Canal.
This will add …
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