Two leading freight companies, MSC Mediterranean Shipping Co and CMA CGM, are diverting ships away from the Suez Canal due to increased Houthi militant attacks on commercial vessels in the Red Sea. The attacks, a response to the Gaza conflict, have raised war risk insurance premiums and prompted MSC, CMA CGM, and others to reroute ships, causing delays and additional costs. The situation escalated with recent drone and missile attacks on vessels, leading Denmark’s A.P. Moller-Maersk to pause container shipments in the affected area. The Houthi attacks also targeted Israel, triggering defensive measures by the U.S. and Britain.

SOURCE:GOOGLE