Never has it been so cheap to inflict a world of economic pain.
That stark point was underscored last week by Maximilian Hess, a principal at London-based Enmetena Advisory, a political risk consultancy. Speaking to a webinar of supply-chain managers, he showed a slide of a canoe-size naval drone and said such jury-rigged weapons have the ability to redirect world trade.
“Nowhere is this more clear than in the conflict in the Red Sea,” Hess said, referring to attacks launched from Yemen toward commercial ships trying to use the Suez Canal.
Nearly six months into the Houthis’ relentless campaign to protest Israel’s war in Gaza, the economic fallout is widening. As ships sail around Africa’s Cape of Good Hope, their unpredictable schedules are clogging major Asian ports, creating shortages of empty containers in some places and pileups in others. Delivery times to the US and Europe are getting longer, and freight rates are surging.
Read it all.🌎 Ships Diverted From Red Sea Send Ripple Effects Across the Globe – Bloomberghttps://t.co/1A8HVOJVKX pic.twitter.com/6fFCf9asLJ
— Christophe Barraud🛢🐳 (@C_Barraud) June 3, 2024