"Houthi attacks added at least $175bn to shipping costs in the ten months to October 2024. The entire global container market was worth around $122bn in the same period in 2023. Higher prices for shipping oil and gas, as well as dry bulks like wheat, make the overall bill probably bigger still. For now, shipowners are raking in profits as longer transit times soak up capacity. Maersk, a Danish shipper, reported $3.3bn in operating profit in the third quarter, up from $0.5bn a year before."
Houthi piracy is more profitable for shipping companies! Law of unintended consequences.
"Houthi attacks added at least $175bn to shipping costs in the ten months to October 2024. The entire global container market was worth around $122bn in the same period in 2023. Higher prices for shipping oil and gas, as well as dry bulks like wheat, make the overall bill probably bigger still. For now, shipowners are raking in profits as longer transit times soak up capacity. Maersk, a Danish shipper, reported $3.3bn in operating profit in the third quarter, up from $0.5bn a year before."
Houthi piracy is more profitable for shipping companies! Law of unintended consequences.