Terror Attacks on Shipping Vessels Causing Trade Disruptions, Higher Prices at the Store
THE PORT OF VIRGINIA – Recent terror attacks on shipping in the Middle East are sparking major geopolitical and economic implications for world trade, which could lead to supply chain disruptions and higher prices.
Here at the Port of Virginia, a vital space for international trade, sources say incoming shipments are slowing down due to Houthi attacks on cargo vessels in the Red Sea, forcing ships to go to the West Coast. This ultimately increases insurance rates which get passed on to the consumer. Still, an even bigger problem is the potential for a broader military conflict.
Dr. Sunderesh Heragu, associate dean at Oklahoma State University for Academic Affairs in the College of Engineering, Architecture and Technology, explains the logistical tension like this: “So imagine a shipment going from Singapore to Western Europe. Now they have to travel thousands of miles more, burning more fuel, which is, of course, not great for the environment. Beyond that, they also have to pay higher fuel prices.”
Read the full story from CBN’s Brody Carter:
https://www2.cbn.com/news/us/terror-attacks-shipping-vessels-causing-trade-disruptions-higher-prices-store
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