THE Baltic and International Maritime Council’s (BIMCO) latest market report unveils the extent of disruption that the recent unrest in the Red Sea compounded with a rise in piracy off the coast of Somalia have brought upon world trade. In 2023 an estimated 13 per cent of global seaborne trade transited through these areas. However, the attacks have reduced the number of ships transiting the area by 50 per cent, stated Filipe Gouveia, shipping analyst at BIMCO. The threat to shipping spiked for...