Middle East Tensions Having Effect on Shipment of Ag Goods
“It is unbelievable the amount of freight that ends up moving through the Red Sea. And it is creating some issues with Merck. And some of these companies that primarily specialize in moving containers. They're having to take longer routes to get around the Red Sea.”
These attacks are being made with no clear motive, according to Irey.
“The US did end up making a strike of and killed one of the leaders that was behind these attacks. I haven't heard any backlash yet. And we'll see how that plays out here as we move on through the week, but it isn't just been solely related to US ships. It has happened to ships from a variety of countries.”
Many traders including Irey, are hoping that the Red Sea cargo ship attacks will be tamed down and under control within the near future.