The Economic Effects of Yemeni Strikes on Shipping Movement in the Red Sea
Last updated Jul 13, 2024 8:16 PM
The port of Eilat, also known as Umm al-Rashash, in occupied Quds is experiencing financial difficulties due to the significant decrease in shipping volumes by 85% following the Yemeni strikes on shipping movement in the Red Sea.
The port’s CEO, Gideon Gilbert, has reported no activity at the port for eight months, leading to a lack of revenue. The effects of the attacks have impacted trade in the Zionist enemy entity, diverting container ships on a much longer journey around the Cape to Europe, increasing fuel costs and emissions.
Despite challenges, container purchase and sale transactions have risen in 2024, with transport companies responding to the booming freight market. Ship operators are working tirelessly to meet demand and maintain weekly schedules.
Overall, the situation highlights the significant impact of military operations on global trade and shipping industries, affecting not only the port of Eilat but also the broader maritime sector.
*Source: IRNA Agency
YPA