Major shipping player Maersk, the world's 5th largest shipping company, has recently halted all Red Sea voyages due to mounting concerns over Yemeni threats. This strategic decision comes at a critical juncture as the Panama Canal grapples with drought, causing commercial vessels to experience delays.

The impact is profound, considering the Red Sea facilitates approximately 22% of international container trade and 10% of the global oil trade. Maersk's decision to suspend Red Sea voyages is particularly noteworthy as they command 15.3% of the global container ship fleet, securing the second spot after the Mediterranean Shipping Company (MSC) with a 18.6% market share.

Furthermore, the global shipping industry is navigating rough waters with rising insurance premiums for container ships passing through geopolitical chokepoints like the Suez Canal. These increased costs are inevitably transferred to consumers, who are poised to hold their governments accountable for the ensuing surge in prices.