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Shipping companies divert routes as attacks on Red Sed continue
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Conflict & Peace Processes
Shipping companies divert routes as attacks on Red Sed continue
Container rates hit record highs, in a sign that freight inflation in soaring amid the crisis in the Red Sea and continuing risk of attacks by Yemen's Houthis. Here's the situation: last week, rates were $1,900 for a 20-foot container from Shanghai to the UK, to $2,400 for a 40-foot container. On Thursday only, and in a matter of hours, the price shot up to $10'000 per 40-foot container. IKEA is one of the companies that indicated that the trade diversions will impact product availability.
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