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The Red Sea crisis has led to a significant shift in Asia's export landscape , with companies involved in goods production facing increased costs, while those in the freight and shipping sectors benefit from a spike in freight rates . Container ships have been avoiding the Red Sea due to the heightened risk of attacks, reducing vessel traffic through the narrow passageway by about 70% from December to mid-July, according to Bloomberg Intelligence. This decline in traffic has resulted in increased transit times and higher freight rates. Chinese shipping companies, including Cosco Shipping Holdings Co , reported earnings growth driven by increased revenue from their container shipping businesses. Similarly, Orient Overseas International Ltd saw improved performance on its Trans-Pacific trade routes, as tight supply chains contributed to higher freight rates. On the other hand, companies such as Miniso Group Holding Ltd have been hit hard by escalating logistics costs. Dixon Tech...

A Saudi-owned crude tanker, the Amjad , and a Panama-flagged oil ship, Blue Lagoon I , were attacked on Monday in the Red Sea off Yemen, according to two sources familiar with the matter. It remains unclear whether the vessels were targeted by Iran-aligned Houthi militants. Both tankers, however, were able to continue their voyages without significant damage or casualties. Key Details: Incident Overview : The Amjad , owned by the Saudi national shipping group Bahri, and the Blue Lagoon I , managed by Greek firm Sea Trade Marine SA, were sailing near each other when they were hit. The Amjad has a maximum capacity of two million barrels, while the Blue Lagoon I , a suezmax tanker, can carry up to one million barrels. There was no immediate response from the owners or managers of either vessel. Context of Attacks : The attack occurs amid escalating tensions in the Red Sea, where Iran-backed Houthi militants have launched drone and missile strikes in solidarity with Palestinians in Gaza. ...