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.
AIT says the acquisition of European-based marine spare parts logistics specialist with more than 600 teammates in 11 countries is its most significant to date.
An extensive questionnaire was sent to companies by U.S. Customs and Border Protection earlier in February, marking a widening effort to seek disclosure about provenance.