Some firms and countries are benefiting. Though the number of ships going through the strait has fallen by half, Chinese transits have increased and now make up a fifth of the 800-900 ships still transiting the Red Sea each month, according to an analysis of satellite data and ownership records (see chart 2). Most of the crude oil going through the Suez Canal is Russian, up from less than half (see chart 3).
China has friendly ties with Iran, the Houthis’ main source of money and weapons, and Chinese vessels are not on the Houthis’ list of targets This creates a geopolitical arbitrage. Whereas American and British firms face insurance premiums of up to 2% of a vessel’s value. Chinese boats are reportedly paying as little as 0.35%, since their risk is lower.
Lol you tell the Houthi "贫僧自东土大唐而来" and and they just let you through. This must be what the ancients meant when they wrote you should "用道德为弓弩,仁义为铠甲". Or to use a well know quote from EVE online: the most powerful ship is friendship.
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