Shipping lines passing through the Suez Canal are in danger due to drone and missile attacks, as well as Somalian pirate attacks, warns S Jaishankar. He emphasizes the need for developing alternative logistic corridors to link India with the Pacific and Atlantic Ocean.
Indian shipping companies are raising concerns as the escalating incidents in the Middle East threaten global trade. The Red Sea attacks by the Houthi rebels have led to increased shipping costs and disruptions in the supply chain. Indian exporters may see a drop of $30 billion in total exports in FY24. The Commerce Ministry will hold a meeting to strategize measures to mitigate the trade impact.
More maritime carriers are avoiding the Red Sea due to attacks on vessels. Oil prices rose as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea.
