Chinese shipper Cosco reportedly stops trips to Israel amid Red Sea tensions

by -44 Views

A container ship from China-owned Cosco Shipping on Aug. 7, 2023.

Justin Sullivan | Getty Images News | Getty Images

Chinese state-owned shipping giant Cosco suspended shipping to Israel through the Red Sea as tensions in the strategic shipping lane continue to rise, Israeli state media reported.

The specifics of Cosco’s decision remain undisclosed, according to Israeli financial news outlet Globes.

Attacks on ships traversing the Red Sea by Iran-backed Houthi militants have pushed ocean freight rates higher and led to longer shipping journeys as shippers reroute to travel the long way around South Africa’s Cape of Good Hope instead.

Hong Kong-listed shares of Cosco were down 3% on Monday.

Stock Chart IconStock chart icon

Sumber: www.cnbc.com

No More Posts Available.

No more pages to load.