The boss of shipping giant AP Møller-Maersk has warned it could take months to reopen the crucial Red Sea trading route, risking an economic and inflationary hit to the global economy, companies and consumers, Financial times reports.

Vincent Clerc, Maersk’s chief executive, told the Financial Times that the closure of the Red Sea to most container shipping after a series of attacks from Yemen’s Houthi was “brutal and dramatic”. He added there were “no winners” as a result of the situation, which has forced vessels to take long and costly detours around South Africa.

“It’s unclear to us if we are talking about re-establishing safe passage into the Red Sea in a matter of days, weeks or months […]. It could potentially have quite significant consequences on global growth,” he said.