Tag: Alert for Bangladesh RMG exports as shippers suspend operations on Suez Canal

Alert for Bangladesh RMG exports as shippers suspend operations on Suez Canal The suspension of operations by major shippers on the Suez Canal, a key route to Europe, following a missile attack on a vessel, is causing concerns for Bangladesh's garment exports. Earlier on 15 December, a Liberian-flagged vessel "MSC Palatium III", en route from Mombasa to Jeddah, fell victim to a missile attack on the Red Sea allegedly by Houthi militants in Yemen's Bab al-Mandab Strait. The attack on a vessel in the Red Sea has led to the temporary halt of shipping through the Suez Canal by major companies like MSC, Hepag Lloyd, and CMA CGM. For Bangladesh, whose apparel exports exceeded $46.99 billion in the fiscal year 2023, the disruption in the Suez Canal route poses challenges in timely transporta...