Mohamed El-Erian, the former CEO of the investment management firm PIMCO, warned that shipment disruptions caused by Houthi attacks could cause shipping costs to increase while hindering global economic growth.

The Port of Los Angeles ended up handling roughly 8.6 million TEUs in 2023, a 13% drop off when compared to 2022.

The new offering, consisting of nine vessels, will provide the Georgia Ports Authority with access to ten services via the Suez Canal, including nine routes to the Indian subcontinent.

Since the Houthi attacks began, an estimated 181 vessels have been rerouted around Africa, while another 26 ships are opting to drift

Some potential targets of the coalition's attacks could include launchers for anti-ship missiles and drones, as well as storage facilities for ammunition.

The company said that its vessel, the Maersk Hangzhou, was targeted by Houthis in attack boats December 31.

Russia says it regards all cargo ships in the Black Sea bound for Ukraine as potential military targets, and mines remain a constant threat.

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.