Ocean Network Express, a team-up of Japanese shipping firms, has decided to reroute its ships, steering them away from the Suez Canal and the Red Sea.

In a statement on its website, the company emphasised its immediate commitment to ensuring the safety and security of its seafarers. This redirection is described as a temporary safety measure.

As an alternative, ONE, headquartered in Singapore, will either reroute its vessels around the Cape of Good Hope or temporarily halt their journeys, repositioning them in a secure location, according to the company.

The United States initiated a multinational operation on Tuesday to protect commerce in the Red Sea due to attacks by Yemeni militants supported by Iran. These attacks have compelled major freight companies to change their routes, raising concerns about a potential prolonged impact on the global economy.

(With Reuters Inputs)