On the face of it, the Houthi militants’ attacks on ships in the Red Sea are like a supersized version of the Ever Given incident in 2021.
When the container ship got stuck in the Suez Canal and blocked it for six days, there was a lot of talk then about the fragility of globalisation and chokepoints in supply chains.
In the event, the problem went away. Apart from some running-down of inventories and an unpleasant short-term earnings hit for some companies, globalisation survived just fine.
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