Attacks of merchant vessels in Red Sea have tripled transportation cost, says CEO of Indian shipping firm

The Houthi rebels have claimed responsibility for attacks on merchant ships in the Red Sea. They state these actions are in retaliation for Israel’s military operations in Gaza. The shipping industry faces increased costs due to re-routing vessels around the Cape of Good Hope instead of the Suez Canal. Insurance premiums for ships in the Red Sea have surged, impacting Indian exporters’ competitiveness in global markets. The situation remains tense, with the Houthis vowing to continue targeting ships until Israeli operations in Gaza cease.