Industry groups have raised urgent calls for action to tackle the escalating attacks on merchant shipping in the Red Sea by Yemen’s Houthi rebels, sparking a growing Red Sea crisis.
Key Points on the Red Sea Crisis and Maritime Attacks
- Since November, Iran-aligned Houthi militants have launched over 70 drone and missile strikes targeting vessels in the Red Sea.
- The militants have seized one ship and its crew, causing the deaths of at least three seafarers.
- This ongoing Red Sea crisis threatens the security of a vital maritime corridor connecting Asia, Europe, and beyond.
- The Houthi attacks have increased risks for vessels approaching the Suez Canal, disrupting a crucial trade route linking Europe and North America with Asia.
Who Are the Houthi Militants?
The Houthis, a Shiite Muslim group from Yemen, control much of the western part of the country along the Red Sea coast. They emerged in the 1990s and are also known as Ansar Allah. The group has been involved in Yemen’s civil war since 2014, backed by Iran and opposed by a Saudi-led coalition.
Why Target Ships in the Red Sea?
The Houthi rebels have intensified attacks on commercial vessels in the Red Sea to express support for Hamas amid ongoing conflict in Gaza. Their operations include threats to Israeli ships or those heading to Israeli ports, heightening tensions in this key maritime region and deepening the Red Sea crisis.
The Strategic Importance of the Red Sea
The Red Sea is a narrow, saline waterway stretching from Suez, Egypt, to the Bab el-Mandeb Strait. It serves as a critical link between the Mediterranean Sea, the Arabian Sea, and the Suez Canal. Countries bordering the Red Sea include Egypt, Saudi Arabia, Yemen, Sudan, and Eritrea, making it a geopolitically sensitive zone.
Impact on Global Shipping and Trade Amid the Red Sea Crisis
- Attacks in the Red Sea have caused significant disruptions, with container shipping through the corridor dropping by 90% since December 2023.
- About 15% of global maritime traffic passes through the Red Sea, so these attacks are reshaping global shipping routes.
- Ships are being rerouted around Africa’s Cape of Good Hope, leading to longer travel times, increased costs, and supply chain pressures.
- Increased shipping costs are expected to raise consumer prices worldwide. For example, shipments from Shanghai to Rotterdam now face 12 extra days of travel due to the ongoing Red Sea crisis.
- African ports are experiencing congestion due to rerouted ships but often lack adequate infrastructure for increased volume.
Impact on India
India’s exports, particularly from Gujarat, are heavily affected by the Red Sea crisis as the Suez Canal is the shortest route to Europe. Exporters are turning to costlier air freight for goods like pharmaceuticals, textiles, and engineering products. Insurance premiums for sea freight have increased by 15-20%, and Indian exporters have reportedly held back about 25% of cargo shipments through the Red Sea due to safety concerns.
Operation Prosperity Guardian: Ensuring Red Sea Security
In response to the Houthi attacks and escalating Red Sea crisis, the U.S. led the formation of Operation Prosperity Guardian in December 2023, a multinational mission to secure safe passage through the Red Sea. Over 20 nations participate, providing logistical and intelligence support. However, some key countries have opted for independent operations rather than joining the U.S.-led coalition.
Conclusion
The growing Red Sea crisis, fueled by Houthi militant attacks, is severely disrupting one of the world’s most critical maritime routes. This disruption is impacting global trade, increasing shipping costs, and raising regional security concerns. International efforts continue to stabilize the Red Sea corridor, but challenges persist amid ongoing geopolitical tensions.
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