West Africa Could Lose Key Shipping Lines to European Markets
West African shipping companies are revising routes and business plans as the escalating crisis in the Middle East disrupts global maritime corridors, industry officials and analysts say. The closure of the Strait of Hormuz and heightened insecurity in the Red Sea and Suez Canal have pushed up operational costs — most notably insurance premiums — and prompted firms to consider rerouting, suspending services or passing fees on to importers and exporters.
Boma Alabi, chairperson of the Shipping Association of Nigeria, said…