Earlier this Houthi rebels in Yemen attacked ships on the Red Sea. This caused many shipping firms to re-re-route their ships around the Cape of Good Hope instead of via the Suez Canal. According to LSEG Shipping Research, the alternative route takes an extra up to two weeks and adds an additional fuel costs of an estimated $1.0 million per sailing on trade between Europe and Asia.
The following map shows the Suez Canal vs. Cape of Good Hope route:
Click to enlarge
Source: Red Sea shipping crisis worsens after Israel-Houthi attacks, Deutsche Welle
