INSUBCONTINENT EXCLUSIVE:
A growing number of companies, including BP, have paused shipments through the Red Sea after recent attacks on vessels by Houthi rebels.The
Swiss-based MSC and French group CMA CGM in avoiding the area.Evergreen also confirmed that it had temporarily suspended import and export
container ship firm told its clients.Journeys through the Suez Canal started to be paused on Friday following attacks on vessels in the Red
Sea by Iran-backed Houthi militants in Yemen.The group, which supports Hamas in its war with Israel, has vowed to target vessels which it
believes are heading to and from Israel.It emerged on Saturday that Royal Navy warship HMS Diamond, sent to the region two weeks ago, had
shot down a drone in the Red Sea that was deemed a threat.Defence Secretary Grant Shapps said then that attacks on commercial ships in the
vessels in the Red Sea, as well as launching drones and missiles targeting Israel.Earlier this month, three commercial ships were struck by
ballistic missiles and a US warship shot down a further three drones.The Suez Canal is a key route for global trade, particularly for the
transport of oil, grain and consumer goods from east Asia.The prospect of longer journeys to complete deliveries is raising transit costs,
albeit from record low levels, and boosting the share prices of listed shipping firms as a result.The disruption has also been blamed for a
rise in global oil prices, with Brent crude oil up by more than 1% on Monday to stand at $77 per barrel.Source - Sky News--Agencies
