AS attacks on shipping in the Red Sea and the Strait of Hormuz intensify a lack of economically viable alternative routes means governments and military must secure the safety of trade according to maritime experts, reports UK's Seatrade Maritime News.

Initial attacks on Israeli-linked vessels have now seen vessels from non-Israeli carriers also targeted as Dynamar consultant Darron Wadey points out: "In the past couple of weeks we have seen an audacious hijacking of a car carrier, an attempted hijacking of a product tanker, a drone strike on the 15,300 TEU CMA CGM Symi and the successful interception by US Navy vessels of multiple drone and missile attacks against both commercial shipping and US naval assets."

Avoiding the regional conflict requires lengthy journeys around the Cape of Good Hope, which could absorb some of the capacity that has been, or is due to be delivered, Mr Wadey said, but the extra costs and time make the trip prohibitive, while overland trade cannot carry anything close to the level of volumes necessary to meet demand.

"There are no real all-water alternatives to the Cape of Good Hope, despite its substantial distance, time and financial cost implications," Mr Wadey explained.

Security firm Dryad Global's CEO Corey Ranslem agrees that transport costs will rise as a result of several factors. "Firstly, the escalation in insurance premiums will contribute to higher costs. Additionally, the increase in perceived risk may lead to a significant number of vessels opting to bypass the region altogether, preferring longer routes such as circumnavigating the Horn of Africa."

Inflation rates in western, consumer, economies are already perceived as too high and the concern is that the targeting of shipping in the conflict zone could push price levels higher, snuffing out any hint of economic recovery.

The responsibility for keeping commercial shipping afloat, however, rests with governments, according to Bob McNally, the founder of Rapidan Energy.

Mr McNally told Seatrade Maritime News: "The hard geographic and infrastructure reality is that there are only limited options for shipping companies to avoid strategically vital Middle East choke points and routes, especially the Strait of Hormuz, Bab al-Mandeb, and Suez Canal."

As such, Mr McNally, a former adviser to George W Bush, argues: "Governments must either successfully deter adversaries who threaten these hotspots or, if necessary, neutralize these threats militarily. One way or another, it's the responsibility of major powers invested in secure global trade to ensure the safety of key maritime trade routes."