Container rates soar on concerns of prolonged Red Sea disruption

News Snapshot:

Container shipping rates for key global routes have soared this week, with U.S. and U.K. air strikes on Yemen stirring concerns of a prolonged disruption to global trade in Red Sea, one of the world’s busiest routes, industry officials said on Friday. U.S. and British warplanes, ships and submarines launched dozens of strikes across Yemen overnight in retaliation against Iran-backed Houthi forces for attacks on Red Sea shipping, widening regional conflict stemming from Israel’s war in Gaza. Most container ships are avoiding the nearby Suez Canal – a shortcut from Asia to Europe for almost one-third container ship cargo. The...