Global transport rates are hitting post-pandemic highs as Houthi insurgents continue to wreak havoc on Suez canal shipping. Shipping companies are opting for far longer transits, resulting in fewer vessels available. This situation is worsening the repositioning problems of empty containers as well, and China shipyards report severe shortages of containers available for outbound shipments.
Industry insiders expect further price increases, as Chinese factories race to send products to the United States and Europe before new tariff rates apply.
The struggle of NATO's fleets to keep the Suez open in the face of non-state actor assaults on shipping is of deep concern to policymakers, and to business executives. The Houthis have no navy or air force, and are simply a militant group supported by Iran. Yet they enjoy outsized success against US and UK naval and air power, and have re-routed global supply chains.
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Container freight rates hit highest levels since Covid
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ABC, A ship is attacked and takes on water in the Red Sea off Yemen, authorities say
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Reuters, Yemen's Houthis say they attacked three ships in Red Sea, Arabian Sea
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Freight rates are soaring again
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Shipping container rates from China jump to 2-year high as panic sets in amid US tariff threat, Red Sea disruptions
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Logistics Insider, Ocean freight rates from China to the West surge amid demand and disruption
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East-west freight rates continue rise; even transatlantic edges up
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Reuters, Red Sea war insurance rises with more ships in firing line
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3 U.S. MQ-9 Reaper drones, worth about $30 million each, have crashed in or near Yemen since November
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Iran Likely Acquired Largely "Intact" US Reaper Drone
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Closing scene, Zhangye National Geopark, Gansu
