At least 12 container vessels have diverted from transiting through the Red Sea to avoid potential attacks by Houthi militia taking the much longer route via the Cape of Good Hope, according to analyst Alphaliner.
As attacks on shipping in the Red Sea and the Strait of Hormuz intensify a lack of economically viable alternative routes means governments and military must secure the safety of trade according to maritime experts.
The influence of family-owned businesses remains strong in shipping casting a strong influence on the potential for mergers and acquisitions in the sector.
Singapore-based Punit Oza, Founder of Maritime NXT and a guest presenter on the Seatrade Maritime Podcast, has been elected as Vice President of the Institute of Chartered Shipbrokers (ICS).