Storm in a teacup

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The Houthi attacks on shipping traversing the Bab-el-Mandeb straight at the southern end of the Red Sea is being treated as a major crisis for shipping and beneficial cargo owners.

The first, and quickest to react by abandoning the Suez Canal option or the Egyptian SUMED oil pipeline, were the container carriers, with an estimated 80 plus per cent opting for the Cape of Good Hope (COGH) route, followed by the bulk carriers and most recently by the oil companies.

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