I beg to move,
That this House has considered the situation in the Red Sea.
Last week at Lancaster House, I set out why we are living in a far more dangerous world. Members will need no reminding that we are dealing with multiple conflicts at once: Russia has increased the intensity of its attacks on Ukraine; the appalling Hamas atrocities of 7 October have brought conflict to that region; and, most recently of all, international shipping is now being threatened by Houthi proxies aided and abetted by Iran.
Since November, there have been more than 40 attacks on commercial vessels across the region. It is salutary to think that it has been 30 years since the maritime law was codified in the United Nations convention on the law of the sea. Some 168 nations back the UNCLOS treaty. The UK signed it, Yemen acceded to it, and even Iran is a signatory to it. There is a good reason why it has achieved such broad support. All nations rely on global trade, and none more so than the UK, given that a full 90% of UK commerce comes to us by sea.
Some 12% of international trade passes through the Red sea every single year, amounting to more than $1 trillion-worth of goods. In addition, 8% of global grain trade, 12 % of seaborne traded oil and 8% of the world’s liquefied natural gas all pass through this ancient seaway. Perhaps even more astonishing is that 40% of the goods that are traded between Europe and Asia go through the Red sea.
Sadly, the Houthis’ unlawful and callous attacks are putting all that trade at risk. Twelve international companies have been forced to suspend the passage through the Red sea because of the attacks. The number of vessels transiting Bab al-Mandab was 54% below the level observed in the previous year, and diverting vessels around the Cape of Good Hope has had a crippling impact, not only adding days of delay to vital deliveries but driving up international shipping costs to prohibitive levels. Some reports suggest that shipping costs are up by 300%.
What these Iran-backed Houthi pirate thugs forget is that it is the least well-off nations and people who suffer the most from their illegal actions, starting with Yemen itself, where almost all food comes by sea. At times like these, nations must stand up. Attacks on Red sea shipping automatically make this a global problem.