Breaking! Involving 5.65 million TEU, the EU plans to launch "Operation Red Sea" to protect merchant ships threatened by the Houthi armed forces in Yemen

Breaking! Involving 5.65 million TEU, the EU plans to launch "Operation Red Sea" to protect merchant ships threatened by the Houthi armed forces in Yemen

On January 10, local time, the Houthi armed forces issued another statement saying that the United States was attempting to "militarize" the Red Sea and warned that the armed forces would continue to attack ships and targets associated with Israel.

Since the outbreak of the current Palestinian-Israeli conflict, Yemen’s Houthi armed forces have used drones and missiles to attack targets in the Red Sea many times. The Houthis said ships linked to Israel were targeted by the group.

In response to frequent attacks by the Houthi armed forces in the Red Sea waters, the United States announced in mid-December last year that it would take the lead in forming an escort alliance called "Guardians of Prosperity." However, there were only a few participants, and countries such as Spain expressed their refusal to operate under the leadership of the United States.

Recently, the EU stated that it plans to launch a Red Sea escort operation. According to Peter Stano, the EU's chief spokesman for foreign affairs and security policy, the EU has begun discussions to launch its own military operation in the Red Sea to protect merchant ships threatened by Yemen's Houthi armed forces in the Red Sea.

The Houthi armed forces moved frequently in the Red Sea and attacked a US escort ship for the first time on the evening of the 9th. The United States has repeatedly stated recently that it will not rule out the possibility of military action against the Houthis. In response, the United Nations Security Council passed a resolution requiring the Houthis to stop attacks on merchant ships

"Urges caution and restraint to avoid further escalation in the Red Sea and wider region, and encourages all parties to strengthen diplomatic efforts to this end, including continued support for dialogue and the peace process in Yemen under the auspices of the United Nations," the UN said, calling for action to prevent the Houthis from obtaining the supplies they need to carry out further attacks

Due to ongoing tensions in the Red Sea, most shipping companies have chosen to bypass the Cape of Good Hope. According to freight forwarding company Kuehne + Nagel, an estimated 419 ships have changed their routes.

The diverted ships involved 5.65 million 20-foot standard containers, with a total cargo value of about $282.5 billion, according to data estimated by maritime analytics firm MDS Transmodal.
Longer transit times around Africa have also led to delays in cargo delivery and shipping costs have risen rapidly in the short term.

Drewry, a shipping consultancy, pointed out that since the end of November last year, the global transportation cost of 40-foot containers has almost doubled. The traditional route through the Suez Canal has seen higher prices in the past two weeks

As of January 4, the spot market freight rate from Shanghai to Rotterdam, the Netherlands, reached US$3,577, an increase of 115% from the previous week. Industry analysts pointed out that in view of the sudden increase in shipping costs, it is expected that the increase in overall shipping costs in the first quarter will gradually spread from the supply chain to consumers.

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