A Houthi military helicopter takes control of the Galaxy Leader ship in the Red Sea (Anatolia)

Shipping fares between Asia, Europe and the Americas have jumped by up to 173% since last November, due to threats by the Yemeni Houthi group to Israeli ships passing through the Bab al-Mandab Strait and the Red Sea, in support of the Gaza Strip, which has been subjected to continuous Israeli aggression since the seventh of last October, and caused the death of about 23,58 Palestinians and the injury of more than <>,<> others in addition to great destruction.

In a report released today by fritus.com, a multinational shipping and maritime data monitoring company, short-term container freight rates between Asia, Europe and the United States increased by 173 per cent, due to reduced capacity, following ongoing threats to cargo ships in the Red Sea.

The spot price of shipping goods in a 40-foot container from Asia to northern Europe now exceeds $4,1900, up from an average of $<>,<> previously, according to the company.

According to the report, the cost of shipping between the markets of Asia and the U.S. East Coast rose by nearly 55 percent to $3900,40 for the <>-foot container.

In solidarity with the Gaza Strip, the Houthis have targeted with rockets and drones cargo ships in the Red Sea owned or operated by Israeli companies or transporting goods to or from Israel.

Israeli media reported on Sunday that the Chinese state-owned shipping giant COSCO had stopped sailing towards Israeli ports.

The Chinese company, the world's fourth-largest container shipping line and contributing about 11 percent of global trade, made the move due to rising tensions in the Bab al-Mandab Strait and the Red Sea.

On December 18, US Secretary of Defense Lloyd Austin announced the formation of a naval task force called "Guardian of Prosperity" that includes 10 countries, with the aim of confronting attacks in the Red Sea.

Maritime trade accounts for 70 percent of Israel's imports, and 98 percent of its foreign trade passes through the Red Sea and the Mediterranean. Trade across the Red Sea contributes 34.6 percent to Israel's economy, according to Israel's Finance Ministry.

The world's two largest shipping companies, MSC and Maersk, have suspended commercial flights across the Red Sea since mid-December, replacing the Cape of Good Hope route in southern South Africa.

Source: Agencies