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International Business Times
International Business Times
Business
Antoine GUY, with Emeline Burckel in London

Global Maritime Trade Sails Into Geopolitical Storm

A number of factors have been pushing up shipping costs, including traffic backing up at the Panama Canal due to low water levels (Credit: AFP)

International maritime trade has hit stormy waters as attacks by Yemen's Huthi rebels on ships in the Red Sea has reduced the availability of ships, causing freight rates to surge.

Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which 12 percent of world trade usually passes.

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