Containers of Chinese companies China Shipping and COSCO (China Ocean Shipping Company) are loaded on a container as it is leaving the port in Hamburg, Germany March 11, 2020. REUTERS/Fabian Bimmer/File Photo
According to breaking news by the Israeli financial news outlet Globes, the prominent Chinese shipping conglomerate COSCO has halted its maritime services to Israel. This development emerges amidst a backdrop of increasing tensions in key maritime routes, notably the Red Sea, where recent disruptions have been attributed to the activities of Houthi militants protesting the Israel-Hamas war.
“COSCO’s decision is significant because it cooperates with Israeli shipping line ZIM, which will have to operate more ships on the Far East routes,” writes Globes journalist Dean Shmuel Elmas. “This is liable to will lead to higher shipping costs, since ZIM will be short of ships.”
While the specifics behind COSCO’s decision remain undisclosed, the move signifies a potential shift in international shipping dynamics, especially considering the strategic importance of the Red Sea as a global shipping lane. In response to inquiries, COSCO’s representatives in Israel have refrained from commenting on the situation.
As the news breaks, Israeli port authorities are actively investigating the implications of this suspension.
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