The procedure is simple—genial, even. Contact Houthi rebels in Yemen and pay up, and your freight can pass into the Red Sea unmolested. We examine how this extortion affects world trade (https://www.economist.com/interactive/international/2025/01/18/inside-the-houthis-moneymaking-machine?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=theintelligence&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners). China is fast closing its gap (https://www.