The rescue comes a day after INS Sumitra responded to a distress call by another Iranian-flagged fishing vessel, Iman, which was hijacked by Somali pirates. The vessel’s 17 Iranian crew members were rescued by the navy
The Global Trade Research Initiative (GTRI) said companies relying on just-in-time manufacturing processes can be particularly vulnerable as they maintain low inventory levels and depend on the timely arrival of components and finished products
The Red Sea shipping route accounts for 50 per cent of the country's exports and 30 per cent of imports last fiscal. Domestic companies use the Red Sea route through the Suez Canal to trade with Europe, North America, North Africa and part of the Middle East.
It has been over two weeks since the U.S. and its allies began launching retaliatory strikes against Houthi bases in Yemen following their attacks on ships in the Red Sea, which has caused major disruptions to maritime trade. Are we at war with the Houthis? Here's what we know.