China COSCO Shipping Corporation suspends its services to Israeli ports

SANAA, Jan. 07 (YPA) – The Chinese government-owned COSCO Shipping Corporation has declared to suspend its services to Israeli ports, due to the Yemeni attacks on ships linked to Israel in the southern Red Sea.

According to “Globes” website specializing in the Israeli economy, the COSCO, which is the 4th largest container shipping line in the world and contributes about 11% of global trade, decided to suspend its services.

In addition to the impacts on trade between the Far East and “Israel,” COSCO’s decision is important, because it cooperates with the Israeli shipping line ZIM, which will have to operate more ships on Far East routes, according to the website.

The second direct impact will be on the port of Haifa, which is run by another Chinese state- Shanghai International Port (Group) Co., Ltd. (SIPG) won the bid for the concession to operate the port of Haifa that depends on many “Cosco” ships.

AA