Shell Suspends Shipments through the Red Sea Due to Yemen’s Maritime War
British major oil and gas company Shell has suspended all shipments through the Red Sea in the wake of Yemen’s pro-palestine maritime war and the combined US-UK led coalition retaliatory attacks, citing safety concerns.
According to reports, Shell was concerned that US and UK strikes on the Yemeni armed forces “could be met with further escalation, placing crews and vessels at a greater risk.”
The company is also worried that the attacks could lead to a massive spill in the region.
Roughly 12% of global trade relies on the Red Sea and with several ships rerouting around the coast of Africa instead.
“The cost of goods into Europe from Asia will be significantly higher,” the Chief Financial Officer of ports and freight operator ‘DP World,’ Yuvraj Narayan said. “European consumers will feel the pain… It will hit developed economies more than it will hit developing economies.”
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