World trade plunged by 1.3% from November to December 2023 as a result of Houthi attacks on merchant vessels in the Red Sea, according to a new report by the IfW Kiel. The German economic institute said on Thursday that the volume of containers transported via the Red Sea had plummeted by more than half…

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Houthi attacks in the waterway have prompted many companies to redirect vessels to longer and more expensive routes The cost of shipping fuel by sea has in some cases soared above $100,000 a day due to continued disruptions in the Suez Canal and Red Sea caused by attacks by the Houthi rebels, Bloomberg reported this…