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Ones and Tooze
The War Over Global Shipping
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.
37:57
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Quick takeaways
- The attacks by Houthi militants on cargo ships in the Red Sea pose a serious threat to global trade, leading to increased insurance costs and the redeployment of vessels.
- The limited involvement of European and Chinese powers in policing actions against the Houthis is due to political considerations and lack of military capacity, which hampers the effectiveness of interventions in the region.
Deep dives
The Red Sea Strait and Global Container Traffic
The Red Sea Strait is responsible for 30% of global container traffic. Operation Prosperity Guardian, led by the United States, is a military operation in response to Yemen's Houthi militia targeting containerships passing through the Red Sea Strait. The strait is a crucial route for global commerce with 50 to 60 vessels passing through every day. The majority of the goods transported through the Red Sea are manufactured goods, particularly from Asia to Europe.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode