Early on Jan 12, the US and UK launched a series of strikes against the Houthi rebels in Yemen, aiming to safeguard shipping from attacks by the Iran-aligned movement. Why have they attacked ships in the Red Sea? The Red Sea's Bab al-Mandab strait is a crucial route for global trade, accounting for about 10% of the world's crude oil shipping. In response to the unrest in the Red Sea, the TNSC talked with various shipping lines and proposed five measures to assist importers and exporters:1. Maintain the original freight rates for goods pending transport, as per the agreed-upon shipping contracts.
