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Red Sea Crisis Escalates

Feb 21, 2024

Yahya Saraya, spokesman for the Houthi armed forces in Yemen, said on the 19th that the Houthi armed forces launched a missile strike on a British cargo ship sailing in the Gulf of Aden and successfully hit the target.
In addition, the Houthi armed forces in Yemen also claimed on the 19th that they launched multiple missiles at two US ships sailing in the Gulf of Aden and "accurately hit the target." The two American ships that were attacked were named "Champion of the Sea" and "Navis Fortuna". Public shipping information shows that the "Sea Champion" is a bulk carrier flying the Greek flag, and the "Navis Fortuna" is a bulk carrier flying the flag of the Marshall Islands.
Shipping data shows that since early December, container ships using the Red Sea route have plummeted by 90%, while bulk carriers have only halved.
The attack marked another escalation of tensions on the Red Sea route. While a number of cargo ships have been hit in the past few months, the attack on the Rubymar may be one of the most devastating cases by the Houthis to date. Since November 2023, ships attacked in the Red Sea have never been serious enough to "abandon ship" or even "sink".
As the attacks become more severe, maritime traffic in the Red Sea continues to be paralyzed. The Red Sea waterway, together with Egypt's Suez Canal, forms one of the world's busiest waterways, accounting for 12% of global maritime traffic. The disruption has thrown international trade into chaos.

Frequent exchanges of fire in recent months have caused shipping giants such as Mediterranean Shipping Company, CMA CGM, Maersk, and Hapag-Lloyd to interrupt the route or choose to detour to the longer and more expensive Cape of Good Hope route in Africa. As a result, the Asia-Europe supply chain has been impacted, and freight rates have soared...