Egypt Daily News – The Houthis have reiterated their commitment to targeting merchant shipping, particularly vessels connected to Israel, raising concerns for countries along the Red Sea, such as Egypt.
The ongoing shipping crisis in the Red Sea has severely impacted the Egyptian economy, incurring losses estimated at $6 billion, largely due to decreased traffic through the Suez Canal.
Yehia Sarea, a military spokesperson for the Houthis, announced that the group will continue its assaults on ships linked to Israel and warned that they do not acknowledge any ownership transfers by these companies.
The Houthis appear to have increased their operational capabilities, as a recent UN report details their growth in personnel and technology, enabling them to extend their reach further from their bases.
Adding to the dynamics, reports indicate that Russia has been supplying the Houthis with satellite data to improve the accuracy of their missile and drone strikes on maritime targets in the Red Sea and Gulf of Aden.
Despite the ongoing conflict and disruption, the crisis has inadvertently benefited the shipping industry, as Clarksons Research notes a projected growth of 6.5% in merchant shipping tonne-miles this year, the highest increase since 2010.
The United Nations’ trade and development agency, UNCTAD, has also pointed out the financial gains for container shipping lines, which have found themselves in a profitable position amidst the turmoil caused by the Houthis’ actions.
