ANOTHER BIG SUPPLY SHOCK...?
Iran-linked Houthi have been attacking ships in the Red Sea to discourage Israeli bombing of Gaza. So far, it’s container ships rather than energy supplies (which would hurt the region and perhaps get China involved). Given the insurance costs (each ship carries billions of USD in cargo), trade has rerouted away from the Suez Canal. This adds circa 25% to journey times, causing delays, and boosting shipping costs. Around 15% of global trade is affected (Europe more than the US). TS Lombard ...