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Business Daily

The cost of the Red Sea crisis

Business Daily

BBC

News, Business

4.4796 Ratings

🗓️ 18 August 2024

⏱️ 17 minutes

🧾️ Download transcript

Summary

We catch up on the ongoing disruption to the shipping industry after Houthi attacks on commercial vessels.

The Iran-backed group said it was targeting ships linked to Israel, the US and the UK in support of Hamas.

We look at the cost of diverting cargo away from the Red Sea, and hear about the impact of months of disruption.

Plus a new remote shipping route is getting more traffic, as ships travel over the top of the world via the Arctic.

Produced and presented by Rick Kelsey

(Image: A Houthi military helicopter flies over a ship in the Red Sea. Credit: Reuters)

Transcript

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0:00.0

Today on Business Daily with me Rick Kelsey, we catch up on the ongoing disruption to the shipping industry after Houthi attacks in the Red Sea, where with the crews tried to navigate the world's most challenging shipping lanes.

0:18.6

The threats that we, not just the threats, the emotional and psychological stresses that

0:24.2

it gives us the path in this zone is unimaginable, right?

0:28.1

We look at the cost of diverting cargo because of safety concerns in the Middle East and

0:34.0

the impact of months of disruption.

0:36.8

It has been a hiccup, but it has not been a giant impact on consumers, not yet.

0:43.4

We'll hear about the new remote shipping route getting more traffic over the top of the world.

0:49.4

We are seeing a few dozen vessels that are making that transit every year.

0:54.1

And I think this summer could definitely become a new high point

0:57.9

in terms of Arctic shipping along Russia's northern sea route.

1:00.5

And what can be done to make shipping safer and get traffic back through the Red Sea?

1:06.4

War ships' reaction times are really, really quite short.

1:09.8

A small window to actually identify and then classify this unknown airborne

1:14.8

objects before engaging it, before it can strike.

1:18.0

That's the cost of shutting the Red Sea, all coming up in today's Business Daily.

1:36.3

To start with, I want to take you north, way north, to the brutal, cold, icy seas of the Arctic Circle.

1:45.1

Roots that until recently were mostly impossible to pass, but I've begun to read multiple reports of new shipping routes opening through the Northern Sea,

1:48.2

passing through the Bering Strait between Alaska and Russia,

1:52.8

and in a year that's seen shipping routes being disturbed on an unprecedented scale

1:57.6

due to the safety concerns of passing through the Red Sea. Some see this as an

2:03.6

opportunity to save businesses, money and time. Maltar humpurt is from G-Captain who provides

2:12.0

shipping news. Malta covers Arctic shipping and is also a senior fellow and founder of the Arctic Institute.

...

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