The project involves upgrading of terminals, increasing of capacity to up to 62 million passengers annually, and improving technology infrastructure.

By contrast, both Maersk and CMA CGM said they were devising plans to gradually increase the number of ships they send through the Suez Canal.

Other shipping giants including Mediterranean Shipping Company (MSC), CMA CGM and Hapag-Lloyd have also been avoiding the Red Sea route because of the increased threat of attacks.

The company said that it is planning to open additional locations in northern and western Australia in order to provide “blanket coverage” for the entire continent.

Ikea said it’s looking for other options to secure the availability of its products, many of which normally pass through the Red Sea and the Suez Canal.

Almost a fifth of global container trade has already diverted away from the Red Sea and Suez Canal.

Sixty-three percent of survey participants said they are planning to restructure their supply chain over the next five years.

China’s shipbuilding output increased by 12% year-on-year to 38 million dwt during the period running from January 2023 to November, making up50.1% of the planet’s total output.

“While the company understands this is a complex humanitarian crisis, most migrants are not crossing the border on trains,” Union Pacific said in a statement.

The attacks in the Red Sea, which handles about 12% of world trade as a key waterway for goods and energy, have emerged as a fresh threat to global supply chains.