The Globes reported that the decision by insurance firms came in response to US military attacks on Yemen, as well as Washington's support for ships sailing toward the Israeli-occupied territories via the Red Sea.
The newspaper described the insurance companies' actions as significant and outstanding, noting that the suspension of insurance services would result in longer sailing times for Israeli ships and Israel-bound vessels.
As a result, those ships have two options: One option is to bypass Africa via the Cape of Good Hope, which would add at least two weeks and additional costs to the journey from the east. The other option is to use logistical ports in the Eastern Mediterranean, where goods would be unloaded and reloaded onto ships bound for Israel.
Additionally, another newspaper named Israel Hayom also reported that some food products have seen a price jump ranging from 7% to 15% due to these developments.
The cost of sea transportation to the occupied territories has also risen from $1,500 to $7,200, and the shipping time has nearly doubled from 35-40 days to 65-80 days, the daily added.
International news sources such as Bloomberg and CNN previously revealed that insurance firms are now declining to accept the risks for US and UK vessels transiting the Red Sea due to risks after military actions by the United States and Britain against Yemen.
The insurance firms are imposing conditions related to ownership and interest to exclude Israel-linked ships.
Moreover, Yemen has time and again underlined that it is committed to the security of navigation in the Red Sea and Bab al-Mandab Strait for all vessels except Israeli and US ships or those heading to ports in occupied Palestine, warning against militarizing the Red Sea after the White House announced a maritime alliance to protect the Israeli regime.
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