🇾🇪❌⚓🚢 Red Sea Shipping Losses Reach $175 Billion Due to Houthi Attacks

In 2024, Houthi attacks on commercial shipping in the Red Sea caused global economic losses of $175 billion, according to The Economist. Targeting key routes like the Suez Canal, these assaults have led to skyrocketing freight rates and shipping costs.

The Houthis, reportedly using Iranian weapons and Russian intelligence, attacked nearly 200 vessels, damaging over 40 ships. Shipping companies have been forced to reroute through Africa, increasing transit times, fuel consumption, and costs.

▪️Average cost of a single shipment: + $1 million

▪️Shipping container costs: 5x increase

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