Choppy waters: Indias key link to Europe hit as giant shipping firm suspends ops in Red Sea - Qoneqt
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    Rohit Bajirao Deore in Crypto News

    31-Dec-2023 06:30 PM


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    Choppy waters: Indias key link to Europe hit as giant shipping firm suspends ops in Red Sea

    Maersk suspends Red Sea strait passage for 48 hours after Yemeni rebels attack the Maersk Hangzhou container ship. The vessel faced additional aggression from four Houthi ships attempting to board it. India heavily relies on the Bab-el-Mandeb Strait for trade with the Middle East, Africa, and Europe. Closure of the route increases voyage distances by 40% and raises transportation time and cost. India faces increased costs and security risks, prompting efforts to diversify trade routes and enhance regional maritime security cooperation.