Houthi attacks on commercial ships in the Red Sea hiked the shipping insurance rates, with fees being imposed to cover risks associated with conflicts. Since last Nov. 19, Iran-backed Houthis have targeted ships in the Red Sea that they suspect are linked to Israel or heading to its ports. Houthis say their attack is in support of the Gaza Strip, which has been witnessing a war since Oct. 7, 2023. According to the International Monetary Fund (IMF), Red Sea container shipping dropped 30% within a year.
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By Lisa Baertlein (Reuters) - Attacks on merchant vessels in the Red Sea have delayed cargo and sent shipping costs higher, but soft demand and ample ship availability are muting the impact on inflation, analysts from Moody's Investor Service said.