The Houthi armed forces continue to attack on the Red Sea again!

According to media reports, it has recently been reported that although the Houthi have been claiming that the attacks are limited to ships related to Israel and its allies, this is not the case. The targets are all over multinational ships, and Houthi forces charge "security fees" to ensure the passage of ships, while ships that do not pay face extremely high security risks. It is estimated that Houthi forces collect fees illegally through this. Will receive about $180 million a month.

However, in response to the Houthi armed forces, a spokesman for the Houthi armed forces in Yemen issued a statement saying that according to relevant intelligence, many maritime shipping companies related to Israel are selling assets, transferring ships, changing registrations and other means to avoid the Houthi armed forces to take "punitive measures" against these companies and vessels.

Therefore, the Houthi will not consider these changes of ownership or flag, do not recognize the change of rights of Jehol, and oppose any cooperation with these companies. The Houthi will continue to impose a naval blockade on the Red Sea area, attacking all Israeli-related, or Israeli-bound ships, until Israel stops its siege of the Palestinian Gaza Strip and its aggression in Lebanon.

At present, according to statistics, it has been a year since November last year for the Houthi forces to launch more than 130 missile and drone attacks, and a total of more than 100 ships have been attacked. attacks on this scale can be called the most intensive armed attacks on civilian ships since World War II.

The news worries countries near the Red Sea and shipping companies around the world, all because the total tonnage of the Suez Canal has fallen by 60-70% compared with the average in 2023. Transit volume, including container ships, car carriers, cruise ships and liquefied natural gas carriers, has all fallen by 90% or more. The disruption of the Red Sea route led to a 30% to 40% increase in freight charges charged by shipping companies.

Maersk, the "weather vane of global trade", also raised its full-year profit guidance four times in less than six months, all due to strong demand and rising freight rates caused by supply chain disruptions caused by the Red Sea attack.

As the Red Sea crisis disrupted global shipping, it had a lot of impact on a number of coffee-producing countries, especially in Africa and Asia. According to some coffee exporters, freight rates from Asia to Europe have risen nearly sevenfold, causing some buyers to reduce their purchases of coffee in the Asian region, which has a serious impact on major coffee exporters such as Vietnam and Indonesia.

In Vietnam in the Asian region, due to earlier severe drought and lack of water resources, coffee production has declined, while pushing up local coffee prices, coupled with rising shipping costs in Europe and Asia, coffee buyers have been deterred, which has led to the lack of a market for Vietnamese coffee and a downturn in trade volume. The Vietnam Coffee and Cocoa Association (VICOFA) earlier reported a 12.1% drop in Vietnamese coffee exports in 2023 and 24.

On the African side, it has had a considerable impact on Ethiopia's import and export business, as Ethiopia has no access to the sea and mainly depends on the port of neighbouring Djibouti, which is in the Red Sea. According to the report, as a result of the Red Sea crisis, the metropolitan intake of Djibouti ports has dropped by at least 10%. It affects the national economic development of Djibouti and Ethiopia, while pushing up inflation and rising prices in their countries, affecting the development of many industries in Ethiopia, including coffee.

According to the latest data, ICEE Arabica coffee futures rose 2.05%, coffee "C" futures rose 2.14%. Robusta coffee futures rose 1.44%. At present, the Palestinian-Israeli conflict is difficult to be effectively resolved in a short period of time, coupled with a number of countries reporting a decline in coffee production, coffee prices can rise again in the future.

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