• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
FinanceShipping

U.S. military shoots down 14 drones in Red Sea—launched from areas of Yemen controlled by Iran-backed Houthis—as attacks on commercial carriers threaten havoc for world trade

By
Brendan Murray
Brendan Murray
,
Charles Capel
Charles Capel
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Brendan Murray
Brendan Murray
,
Charles Capel
Charles Capel
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
December 16, 2023, 12:31 PM ET
An F/A-18E Super Hornet on the nuclear-powered USS Nimitz in the Red Sea.
An F/A-18E Super Hornet on the nuclear-powered USS Nimitz in the Red Sea.U.S. Navy via Getty Images

The US military said it shot down 14 drones in the Red Sea launched from Houthi-controlled areas of Yemen as attacks on commercial carriers continue from the Iranian-backed group, threatening havoc for world trade.

Major shippers MSC Mediterranean Shipping Co. SA and CMA CGM were the latest to announce on Saturday that they won’t send their vessels through the Red Sea for now in the face of rising threats.

The unmanned aerial systems “were assessed to be one-way attack drones and were shot down with no damage to ships in the area or reported injuries,” US Central Command said in a post on X, formerly Twitter. “Regional Red Sea partners were alerted to the threat.”

The drones were struck down by the USS Carney guided missile destroyer early on Saturday. The UK navy also repelled a suspected drone attack.

MSC Mediterranean Shipping Co. SA, the world’s largest container line, joined competitors in diverting ships away from the Red Sea.

The MSC Palatium III was attacked on Friday in the Red Sea, the company said in a statement on its website, confirming earlier reports. There were no injuries among the crew of the container ship, though there was “limited fire damage” and the vessel has been taken out of service.

“Due to this incident and to protect the lives and safety of our seafarers, until the Red Sea passage is safe, MSC ships will not transit the Suez Canal eastbound and westbound,” the company said in its statement.

“Some services will be rerouted to go via the Cape of Good Hope instead,” it said, referring to the southern tip of Africa.

Separately, the French group CMA CGM instructed its container ships scheduled to pass through the Red Sea to pause their journey in safe waters until further notice.

UK naval forces shot down a suspected attack drone that was targeting merchant ships in the Red Sea, Defense Secretary Grant Shapps said in a post on X on Saturday. The HMS Diamond used a Sea Viper missile to down the target, he said, without giving more details.

Flexport Inc., a freight forwarding platform based in San Francisco, said in a blog post that taking the route around Africa prolongs the journey by seven to 10 days compared with using the Suez Canal.

Rebels in Yemen escalated a threat against ships with ties to Israel in November, calling them “legitimate targets,” and appear to be targeting vessels in the vicinity more generally.

Rerouting the world’s container fleet around the conflict zone during Israel’s war against Hamas in Gaza threatens to increase freight rates and cause delays rippling across global supply chains.

About 5% of global trade depends on the Panama Canal and 12% depends on Suez, according to Marco Forgione, director general at the Institute of Export & International Trade.

— With assistance from Valentine Baldassar

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
About the Authors
By Brendan Murray
See full bioRight Arrow Button Icon
By Charles Capel
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Markets are jittery as the global oil crisis bleeds into a global debt selloff, while Trump weighs new military options on Iran
EnergyOil
Markets are jittery as the global oil crisis bleeds into a global debt selloff, while Trump weighs new military options on Iran
By Jason MaMay 17, 2026
4 hours ago
Gundlach says it’s ‘just not possible’ for the Fed to cut rates
EconomyFederal Reserve
Gundlach says it’s ‘just not possible’ for the Fed to cut rates
By Jordan Fitzgerald, Sam Kim and BloombergMay 17, 2026
7 hours ago
Supply shocks weren’t random. They were strategic—and should be seen as ‘supply coercion’ instead, former Fed official says 
Economysupply chains
Supply shocks weren’t random. They were strategic—and should be seen as ‘supply coercion’ instead, former Fed official says 
By Jason MaMay 17, 2026
8 hours ago
U.S. says China to buy $17 billion of agricultural goods annually
EconomyChina
U.S. says China to buy $17 billion of agricultural goods annually
By Yash Roy and BloombergMay 17, 2026
9 hours ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
EconomyDebt
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
10 hours ago
BlackRock private credit fund’s valuations are probed by DOJ
InvestingDepartment of Justice
BlackRock private credit fund’s valuations are probed by DOJ
By Olivia Fishlow, Ava Benny-Morrison and BloombergMay 17, 2026
12 hours ago

Most Popular

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
2 days ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
5 days ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
Economy
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
10 hours ago
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
Politics
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
By Jason MaMay 16, 2026
1 day ago
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
Success
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
By Sydney LakeMay 17, 2026
17 hours ago
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
Innovation
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
By Jason MaMay 16, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.