Hormuz threat follows Houthi chaos

The clash between Iran and Israel follows months of disruption to key shipping routes caused by water shortages on the Panama Canal and Houthi attacks at the entrance to the Red Sea. Disruption in the Red Sea has been felt in supermarket supply chains in Britain, with shoppers facing shortages of items such as tea.

The International Monetary Fund (IMF) warned last month that shipping through the Suez Canal, which normally accounts for about 15 per cent of global maritime trade volumes, has fallen by 50 per cent, with many companies now sending their vessels around Africa instead.

Despite the formation of an American-led naval coalition and air strikes by the US and the UK, the

Houthi militia controlling a large proportion of Yemen continues to attack commercial vessels.

Monitoring agencies last week confirmed a Houthi attack on a commercial vessel off Yemen and a missile landing close to another ship 60 miles south-west of Yemen port Aden.

Experts on container shipping said the increased tensions in the Middle East were likely to result in raised freight rates as well as insurance premiums for vessels passing through the region between Asia and Europe.

Christian Roeloffs, co-founder of Container xChange, an online container leasing platform, said: “We anticipate that freight rates may rise in response to the increased tension and uncertainty.

“This latest escalation further emphasises the fragility of regional stability and its potential impact on the global economy.”

The company also emphasised the importance of the Strait of Hormuz as a chokepoint for trade. It said: “Any disruptions can have immediate implications for global oil markets, affecting oil prices, shipping routes and energy security worldwide.”