The New Zealand wood industry is closely watching the conflict in the Red Sea, as global shipping costs rise as a result of the disrupted supply chain. The United States is advancing on the area after a string of attacks on commercial cargo ships by Iran-backed Yemen Houthi militants in recent months. Rabobank said cargo vessels were avoiding the risk of more attacks at the Suez Canal by taking a detour around Africa's Cape of Good Hope, adding weeks to the voyage. Researcher Stefan Vogel said it would cost more to ship products like milk ...
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