Red Sea attacks affect most imported goods: Business Contributor | NewsNation Live

Houthi attacks in the Red Sea have caused some of the world’s biggest shipping companies to reroute their ships from the Suez Canal, impacting the global supply chain. Gary B. Smith lays out the imports that are being affected by these ship attacks.

#RedSea #shipping #Houthis

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TO VENEZUELANS MORNING. ALL RIGHT. KELLY, THANK YOU. WHO THESE IN YEMEN OF SIGNIFICANTLY STEPPED UP ATTACKS ON SHIPPING VESSELS THAT ARE TRAVELING THROUGH THE REGION AND THREATS IN THE PAST WEEK HAVE GONE UP FRIDAY. >> 2 LIBERIAN FLAG SHIPS WERE

HIT IN THE RED SEA WEDNESDAY. 2 MISSILES MISTER COMMERCIAL TANKER LOADED WITH JET FUEL AND ON MONDAY, A MISSILE HIT A NORWEGIAN FLAG TANKER SINCE THEN. SOME OF THE WORLD’S BIGGESEST SHIPPING COMPANIES HAVE HALTED OR REROUTED TRAFFIC, INCLUDING BP, A

POTENTIABIG ISSUE IS THE RED SEA IS HOME TO ONE OF THE MOST IMPORTANT TRADE ROUTES IN THE WORLD. ROUGHLY 12% OF GLOBAL TRADE PASSES THROUGH THE RED SEA AND THAT INCLUDES 30% OF GLOBAL CONTAINER TRAFFIC. BILLIONS OF DOLLARS OF TRADE, GOODS AND SUPPLIES PASS

THROUGH THE RED SEA EVERY SINGLE YEAR. HERE TO TALK MORE ABOUT THE DISRUPTION THAT WE COULD SEE HERE ON THE HOMEFRONT NEWSNATION BUSINESS CONTRIBUTOR GARY SMITH THAT. GARY, WELCOME TO YOU. WHAT TYPES OF SUPPLIES ARE WE TALKING ABOUT WHAT’S ON THE SHIPS.

>> EVERY SIGN EVERYTHING THAT YOU CAN POSSIBLY THINK OF. IT’S COMING FROM THE SHIPS. OF COURSE, MOST PEOPLE FAMILIAR WITH BUT YOU KNOW, EVERYTHING FROM MACHINERY, WHICH I THINK IS ACTUALLY THE BIGGEST IMPORT FOOD CLOTHING ELECTRONICS. IF IT’S IN YOUR HOUSE APARTMENT

OR IT LIKELY CAME FROM ONE OF ON ONE OF THOSE SHIPS. >> AND SO NOW AS THEY REROUTE, THEY GO DOWN BY THE CAPE OF GOOD HOPE AROUND THE HORN OF AFRICA. IT’S GOING TO LIKELY TAKE A LOT LONGER, RIGHT. I

MEAN, YOU CAN LOOK ON THE MAP AND DO THE MATH HOW LONG BEFORE THOSE DISRUPTIONS ARE BEEN FELT IN THE SUPPLY CHAIN. >> IT’S GENERALLY WELL, IT’S ADDED EXTRA 12 10 TO 14 DAYS I SUPPOSE. >> BY REROUTING. ACCORDING TO THOSE IN THE SHIPPING

INDUSTRY. SO IT’S GOING TO BE YOU KNOW, ANYWHERE FROM A WEEK AND A HALF PROBABLY TO 2 WEEKS. >> AND THERE ARE THOSE SHIPS. THAT’S THE IMPORTANT PART. BUT HERE’S IMPORTANT PART FOR US. KIND OF THE. THE GOOD SIDE. WE

GET MOST OF OUR GOODS THAT WE IMPORT FROM. MEXICO, CANADA AND CHINA AND IN FACT, OIL MOSTLY FROM MEXICO AND CANADA. NONE OF COUNTRIES REALLY USE THE SUEZ CANAL. CHINA, OF COURSE, COMES ACROSS TO THE WEST COAST IF THEY DO. THE OIL

COMPANIES GO THROUGH THE SUEZ. EVEN THAT IS REALLY ONLY FOR THE EAST COAST. IF YOU’RE GOING TO THE GULF, THEY GO AROUND TIP OF AFRICA. >> SO YOU SEE BP UP THERE AND YOU TALKED ABOUT OIL. HOW DO WE ANTICIPATE OIL PRICES

POTENTIALLY BEING IMPACTED HERE. >> OK, SO YOU ALREADY SAW THE PRICE OF OIL GO UP ABOUT A DOLLAR A TRANSLATION EARLY ABOUT 2 AND A HALF CENTS PER GALLON. I THINK THAT’S GOING TO BE SHORT LIVED. YOU KNOW, THESE COMPANIES WILL ADAPT,

YOU KNOW, THE OTHER YOU KNOW, THE OTHER THING THAT IS ALREADY STARTING TO HAPPEN IN IS COMPANIES JUST THEN THEY SHIP INSTEAD OF GOING THROUGH THE SUEZ CANAL AND THEY JUST GO AND YOU KNOW, THEY CANNOT THE OPTION OF GOING TO THE

WEST COAST AND THEN SHIPPING BY TRAIN OR TANKER FROM THERE. SO SHORT TERM. YEAH. PROBABLY AN YOU KNOW, YOU MIGHT SEE IT IF YOU’RE LOOKING CLOSELY AT YOUR GAS PRICES. I WOULD THINK ONCE WE START TO RAMP UP. YOU KNOW, WE’VE TALKED BASED A

MILITARY OPERATION TO FREE UP THE SUEZ. I THINK YOU’RE GOING TO SEE THE REBELS KIND OF GO AWAY. I HOPE SO. FOR ONCE A CAN GAS PRICES SHOULD COME SHOULD COME BACK DOWN FREEDOM OF NAVIGATION PROTECTING THAT IS CRITICALLY IMPORTANT. TIME

FOR FOR WORLD GLOBAL HAVE WE SEEN ANYTHING SIMILAR, GARY TO WHAT WE’RE SEEING IN THE RED SEA IN THE PAST THAT WE CAN COMPARE THIS TO SO WE CAN GET AN INDICATION OF. >> HOW BIG A GREAT THE IMPACT MAY BE.

>> WELL, WE WE DID HAVE THE TANKER STARK A FEW AGO SIDEWAYS AS TO RECALL IN THE SUEZ CANAL. WE SAW SIMILAR DISRUPTION WHICH BASICALLY QUICKLY ONE AWAY, YOU KNOW, MORNING, WHENEVER WE HAVE THESE THINGS WHETHER IT’S HER CHANGE TORNADOES, LUGS THEIR

REACTION IS REALLY NEVER IN PROPORTION TO WHAT ACTUALLY HAPPENED. SO, YOU KNOW, YOU CAN KIND OF BOIL THAT DOWN AND SAY, OH, MY GOSH, YOU KNOW, IT SOUNDS LIKE A TASK FOR IT’S PROBABLY ONLY GOING TO BE ABOUT 1% OF THAT. THAT’S WHAT

I THINK IS THE CASE HERE. I’M I’M GUESSING NIGHTS HOPING 2 WEEKS FROM NOW. YOU KNOW, THIS WILL BE HISTORY WILL OKAY, WELL, THAT THAT CAME AND WENT IN. YOU KNOW, IT GOT CLEARED UP. THAT’S MY FINGERS CROSSED FOR EVERYONE. YEAH, I HOPE SO.

I’M CERTAINLY KNOWING FOR THAT TO HAPPEN. IT MEANS PROTECTING THAT RIGHT AWAY AND THE U.S. TROOPS WHO ARE WHO ARE IN