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.