Persistent missile attacks by Houthi rebels on ships plying the Red Sea route have led to soaring emissions liabilities for shipping companies under the EU ETS as lengthy voyage diversions for Europe-bound vessels have multiplied fuel consumption, according to OceanScore.
An increasing number of commercial ships have been taking the alternative route to Europe via the Cape of Good Hope – adding around 9000 nautical miles, or 80%, to the distance sailed – to avoid the Houthi threat as over 50...