Suez Canal Cargo Plummets as Houthi Attacks Take Toll
Freight levels through the Suez Canal have plummeted by 45% since Iran-backed Houthi militants began attacking vessels in the Red Sea, risking higher inflation and food insecurity. The decline in shipping has led to delays, higher costs, and increased greenhouse gas emissions, with container shipments and LNG traffic particularly affected. The disruptions, compounded by other global trade route issues, have prompted concerns about food price increases and potential long-term impacts on consumer goods.