EIFFA Reports: Houthi Attacks Amplify Shipping Costs In Red Sea

The EIFFA, part of the Cairo Chamber of Commerce, alerted about the economic fallout and rising shipping expenses due to ongoing Red Sea tensions caused by Houthi attacks on vessels.
Ship diversions to the Cape of Good Hope route have increased round-trip fuel costs by up to $1 million, potentially destabilizing markets and affecting various goods’ prices.
Shipping imports via the Bab al-Mandab Strait surged by 170% due to attacks on ships linked with Israel and the US, prompting companies to...