Global shipping rates soar amid attacks on vessels in Red Sea

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Middle East

Global shipping rates soar amid attacks on vessels in Red Sea

Analysts foresee that 2024 could end the global shipping recession as freight rates are soaring amid Red Sea troubles. Vessels transiting the Red Sea have faced attacks over the past several weeks from the Iran-backed Houthi group, prompting shipping companies to change routes, leading to a spike in freight rates. Ocean freight rates have risen to $10,000 per 40-foot container. They stood at around $2000 per 40-foot container - that's four times more in around 1 month only. Last year, the global shipping industry suffered a downturn, dragged down by high inventories and consumer spending pullback, a stark reversal from the boom following the pandemic.