President Biden’s second week of military strikes against Iran-backed Houthi anti-ship missile bases and continued attacks on commercial vessels in the Red Sea by the rebels have raised serious concerns about supply bottlenecks jeopardizing global growth.

On Thursday, top container shipper AP Moller-Maersk sent a memo to customers, warning how the global shipping network is fracturing because of the elevated risks in the Red Sea:

“While we hope for a sustainable resolution in the near-future and do all we can to contribute towards it, we do encourage customers to prepare for complications in the area to persist and for there to be significant disruption to the global network.”