News - Middle East: Shipping prices to Israel have tripled over the past two months, leading to the bankruptcy of the Eilat port due to Yemeni Armed Forces' operations supporting Palestinians in Gaza.

The Israeli economic website ice reported a 0.6 percent increase in maritime shipping prices last week. Since May, shipping prices have risen continuously, tripling ZIM's stock. Despite this, ZIM has faced recent difficulties, though the capital market remains optimistic about its future.

Several importers confirmed that shipping prices from the East to Israel have increased by 200-300% since early May.

Eilat Port Declares Bankruptcy

According to WorldCargo, the Eilat port declared bankruptcy due to the lack of commercial activity resulting from Yemeni attacks on Israeli ships and those connected to Israel in Arabian seas.

During a Knesset Economic Affairs Committee meeting on July 7, CEO Gideon Golbert stated there had been no activity at the port for eight months, leading to no revenue.

The port has been significantly affected by Yemeni military attacks, which reduced shipping activity by 85 percent, prompting a request for financial assistance from the Israeli government.

Supporting Palestinians facing a nine-month-long war by Israel, Yemeni Armed Forces imposed a ban on Israeli navigation via the Red Sea, later expanding it to the Gulf of Aden, the Arabian Sea, the Indian Ocean, and the Mediterranean Sea.

Yemeni forces also target the Eilat area in southern occupied Palestine with ballistic and cruise missiles and drone swarms.

The Yemeni Armed Forces state their operations will continue until the aggression and war stop and the siege on Palestinians in Gaza is lifted.