Cyprus sees significant impact on shipping from Houthis

Sustained attacks by Yemen's Houthis on vessels using Red Sea shipping lanes could have a "substantial" impact on economies and a knock-on effect on prices, a key Cypriot shipping industry group said on Thursday.

"Where countries heavily depend on raw materials, gas, grain and pharmaceuticals we will have to assume that it will have a substantial impact on day-to-day living and business operations, and this will have a multiplying effect," said Thomas Kazakos, director general of the Cyprus Shipping Chamber.

Freight prices had already risen, he said.

The industry group represents about 200 major shipowning, ship management, chartering and shipping-related companies based either in Cyprus or abroad. Cyprus has the third largest shipping fleet in the European Union, after Malta and Greece.

The Houthis are an Iran-aligned group that seized much of Yemen in...

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