Red Sea attacks on cargo ships may hit Chinese New Year deliveries, reignite supply chain woes

SINGAPORE - Recent

missile and drone attacks on commercial vessels in the Red Sea

by Yemen’s Houthi militants in response to the Gaza war is fast sealing off access to the shortest shipping route between Europe and Asia.

Using the Red Sea route, an estimated 10 per cent to 15 per cent of total global trade and 30 per cent of container trade pass through the Suez Canal in Egypt to save the time and expense of circumnavigating Africa.