A container ship from China-owned Cosco Shipping on Aug. 7, 2023.
Justin Sullivan | Getty Images News | Getty Images
Chinese state-owned shipping giant Cosco suspended shipping to Israel by way of the Red Sea as tensions within the strategic shipping lane proceed to rise, Israeli state media reported.
The specifics of Cosco’s choice stay undisclosed, in accordance to Israeli financial news outlet Globes.
Attacks on ships traversing the Red Sea by Iran-backed Houthi militants have pushed ocean freight charges larger and led to longer shipping journeys as shippers reroute to journey the good distance round South Africa’s Cape of Good Hope as an alternative.
Hong Kong-listed shares of Cosco had been down 3% on Monday.