Container Shipping Rates Surge Due to Red Sea Crisis
China News
January 10, 2024
The container shipping industry is grappling with substantial cost increases triggered by ongoing attacks on cargo ships in the Red Sea by Yemen's Houthi rebels. Since November, the rebel group has carried out over 20 attacks on commercial shipping vessels, ostensibly in support of Hamas during its conflict with Israel. This crisis is significantly driving up shipping expenses, exemplified by the cost of sending a 40-foot container from Shanghai to Rotterdam.