UK data shows that shipping traffic through the Suez Canal artery in Egypt has plunged by 66%. This is due to cargo forced to divert due to attacks on vessels by Iran-backed Houthi terrorists.
Sky News reports on data from the UK's Office for National Statistics (ONS)
- data from mid-December to the begining of April
For financial markets the implication of this is on inflation - fears that higher costs for insurance, fuel and wages risk stoking a fresh wave due to so many vessels diverting the long way around the southern tip of Africa. This adds up to 14 days to transit times.
