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.

About 17,000 ships and 10% of global trade pass every year through The Bab al-Mandab strait, also known as the Gate of Tears, which is only 20 miles (32km) wide.

Maersk said December 14 that its vessel, Maersk Gibraltar, was targeted by a missile when traveling from Salalah, Oman to Jeddah, Saudi Arabia.

Both December 15 attacks, one missile-based and the other drone-based, came from a part of Yemen controlled by the Houthi rebel movement.

The mean number of supply chain breaches increased from 3.29 incidents in 2022 to 4.16 incidents in 2023, a 26% rise.

Houthi spokesperson Yahya Saree said that the ship was targeted December 11 after its crew failed to respond to warnings.

The German company adopted the “China for China” strategy in 2018 to meet surging demand for its LCD panels there.

A so-called dark fleet of tankers like the Liberty, which already existed before Russia invaded Ukraine, has ballooned since.

CEO Oscar Sevilla said in a December 6 letter to clients seen by Bloomberg News that “the macroeconomic factors working against Mercon have persisted for longer than expected."