Global supply chain under threat amid Houthi attacks on vessels in Red Sea

BUSINESS DAILY © FRANCE 24

On Monday, British oil giant BP and Taiwan's Evergreen became the latest companies to suspend transit in the Red Sea amid drone and missile attacks by Houthi rebels from Yemen. The firms join several of the world's biggest freight companies in avoiding the waterway, though which 12 percent of global trade passes every year. In avoiding the area, ships will have to navigate around southern Africa, potentially adding about 10 days to the journey and hundreds of thousands of dollars in fuel costs.