Cargo prices jump after new Red Sea ship attacks | REUTERS

Ocean freight rates are surging after a missile attack and attempted hijacking of a Maersk ship this weekend prompted carriers to suspend plans to restart transits through the Red Sea, a key artery to the vital Suez Canal trade route.

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Prices to move cargo by ship are surging again following new attacks on vessels in the Red Sea houy militants based in Yemen have been targeting freighter in the area since November they say it’s a show of support for Palestinian islamist group Hamas in its conflict with Israel recent days sought a fresh missile

Attack and the attempted hijacking of a ship operated by cargo giant MK that has forced firms to suspend plans to restart rooting vessels through the area instead many ships are sailing around the southern tip of Africa a much longer voyage that dramatically increases costs Asia to North Europe Freight rates more

Than doubled this week as a result Washington has been trying to assemble a multinational Naval task force to combat the problem but with limited results on Wednesday US ambassador to the United Nations Chris louu renewed calls for joint action and he singled out one country for much of the

Blame Iran has long enabled these attacks by the houthis Beyond Iran’s long-standing provision of financing to Aid such houthi operations since 2015 it has transferred Advance weapon systems to the houthis including unmanned aerial systems land attack cruise missiles and ballistic missiles used in attacks against Maritime vessels as much as

Onethird of all Global container traffic flows through the Red Sea to or from the Suz Canal the attacks threaten to delay deliveries for major retailers like Ika and Walmart and the soaring costs could soon mean higher prices for consumers too Freight rates from Asia to the US have been less affected however that’s

Because some cargo destined for the US East Coast can be sent straight across the Pacific to the West Coast instead