The territorial waters affected extend halfway into the 12-mile-wide Bab al-Mandab Strait, through which around 15% of the world's shipping traffic passes.
The world’s major ocean container lines can’t get enough of big new ships — never mind the threat of severe overcapacity and a resulting downward pressure on freight rates.
U.S. Central Command said the attack had caused an 18-mile oil slick, warning that the spillage of the cargo into the sea would worsen the environmental impact.
As businesses struggle to conform their supply chains to the ever-changing the needs of the market, they’re constantly reminded of one core truth: In the end, it’s all about the money.
BIMCO said that, so far in February, the number of ships transiting through the Gulf of Aden and the Suez Canal is 50% and 37% lower than last year respectively.