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.

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.

The shutdown comes about a week after Daihatsu said it was suspending all vehicle shipments after it was found that the organization used improper testing for 64 vehicle models.

Although the global business community has been confronting modern slavery for years, it hasn’t been able to slow its rise. But there is an opportunity for that to change.

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

IANA said the prolonged closure will disrupt the equilibrium that is indispensable to the smooth functioning of the freight supply chain.

“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.

BP is the first oil company to directly halt its own shipping, after five major ocean carriers halted service through The Bab al-Mandab strait.