With repeated attacks on container ships and tankers on the Red Sea, the U.S. Navy has announced Operation Prosperity Guardian, a new multinational security initiative "under the umbrella of the Combined Maritime Forces and the leadership of Task Force 153, which focuses on security in the Red Sea." The Red Sea is a critical waterway that has been essential to freedom of navigation and a major commercial corridor that facilitates international trade. "In light of the deteriorating security situation for shipping in the Red Sea, bp has decided to temporarily pause all transits through the Red Sea. "ZIM will increase rates for its Asia - Mediterranean service that will avoid the Red Sea in favour of the longer route around Africa, up to the $3,300-$3,400/FEU range. BIMCO, the world's largest international shipping association, has called for an immediate end to attacks on international shipping.

Source: The North Africa Journal December 19, 2023 15:20 UTC