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Danish shipping company A.P. Moller-Maersk has said it is pausing all journeys through the Red Sea until further notice.

The decision comes after an escalation in Yemen’s Houthi attacks on merchant ships that has raised concerns for the safety of global trade, with the Red Sea and Gulf of Aden becoming increasingly volatile.

German transport company Hapag-Lloyd later said it was making a similar move until it reassesses the situation, in accordance with various media leaks.

“The recent attacks on commercial vessels in the area are alarming and pose a significant threat to the safety and security of seafarers,” Maersk said in a statement sent to the BBC.

“Following the near-miss incident involving Maersk Gibraltar yesterday and yet another attack on a container vessel today, we have instructed all Maersk vessels in the area bound to pass through the Bab-el-Mandeb Strait to pause their journey until further notice,” it added.

A spokesperson for the company told Reuters on Friday that Maersk will pause all container shipments through the Red Sea until further notice and send them on a detour around Africa.

The shipping giant Maersk has suspended all journeys through the Red Sea following a series of missile and drone attacks on vessels.

Earlier this week, the containership Maersk Gibraltar has become the third ship in the past few days to be targeted by a Houthi missile attack.

A ballistic missile was fired from a Houthi-controlled area of Yemen towards the international shipping lane north of the Bab-el-Mandeb, US Central Command reported.

The missile missed the 2016-built Hong Kong-flagged cargo container vessel, and no injuries or damage were reported.

The incidents have raised fears that global supply chains could be severely disrupted if the attacks continue.

Shipping experts now report that If ships do re-route away from the Suez Canal, then it will cause disruption, especially given the ongoing restrictions due to drought at the Panama Canal.

In this case there is the risk rates to be impacted as uncertainty gives opportunity for increases to rates.