Yemen's Iran-backed Houthi militants have unleashed a wave of drone and missile attacks on commercial vessels, reshaping the dynamics of global shipping.
The resultant impact is far-reaching, with rerouted sailings tacking on an extra week or more to delivery schedules. This logistical hurdle not only strains cargo capacity but also propels containerized shipping rates to unprecedented heights. Fresh data from Freightos reveals a staggering 173% surge in the spot rate for a 40-foot container from Asia to northern Europe, now standing at $4,000 since mid-December.