Iran’s proxy force Houthis join the war, threaten to disrupt Bab al-Mandeb strait: Read what it means for global trade with Strait of Hormuz already choked

Between December 2023 and early 2024, container shipping across the Red Sea decreased by 90. Large shipping companies like Maersk, Hapag-Lloyd, and MSC diverted their ships around the Cape of Good Hope, resulting in an additional 14 days and more than 1 million in fuel expenses per trip.