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Trends and Insights

10 Jan 2024


Houthi Attacks Spike Shipping Costs, Disrupt Global Trade

The Houthi assaults on shipping routes through the Red Sea have prompted a rerouting via South Africa, significantly lengthening transit times [and increasing shipping fees]( Freight rates for a standard 40-foot container have almost tripled since mid-December to $4,000, exacerbating inflationary pressures on the global economy already dealing with the aftermath of the COVID-19 pandemic.