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Philippines alarmed by more 200 Chinese ships massing in disputed waters

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(ZEROHEDGE) – If nothing else, the blockage of the Suez Canal by a massive container ship has served as an unwelcome reminder that chokepoints to global trade like the Straits of Hormuz, the Straits of Malacca and the Straits of Gibralter represent geopolitical risks that have perhaps haven’t been fully appreciated by investors.

Of course, vulnerabilities to global trade extend beyond these narrow chokepoints. Take, for example, the South China Sea. The United Nations Conference on Trade and Developm

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