Ones and Tooze The War Over Global Shipping
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Jan 19, 2024 Houthi attacks on cargo ships in the Red Sea pose a threat to global trade and led to air strikes. The significance of the Suez Canal in global shipping and the involvement of countries in protecting it are discussed. The potential impact of the global shipping conflict on inflation and energy prices is explored. The intriguing history and significance of the Galian ship Vassa, a 17th-century vessel, is also explored.
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Red Sea Strait's Importance
- The Red Sea Strait, a major artery of global commerce, sees massive traffic, with a ship passing every 20 minutes.
- Primarily manufactured goods, especially from Asia to Europe, are transported through this route, making it crucial for complex supply chains.
Geopolitics of Red Sea Policing
- The US leads the policing action in the Red Sea, while China and Europe remain largely uninvolved despite significant economic interests.
- This is due to the political nature of the conflict, where the Houthis' actions are seen as support for Palestine against Israel, making direct involvement delicate.
US Hegemony in the Red Sea
- The US' substantial naval presence in the Red Sea is driven by hegemonic interests rather than solely economic concerns.
- This raises concerns for Europe and China, who fear the US might exploit the situation for broader geopolitical gains, exceeding their interests.