The Red Sea is one of the most significant waterways in international trade. It connects to the Suez Canal, one of the most crucial artificial passages for shipping.
Ocean Shipping Rates Spiking
Rates for specific shipments from Asia to the U.S. West Coast have surged over 50% at the start of 2024.
Conflict Is Growing Airfreight
Businesses and shippers are seeing no end to the Gaza war and are seeing an impact on cargo movement.
Suez Canal Gaining U.S. Exports
While agricultural exporters tend to use the Panama Canal to reach Asia, delays force many to switch to the Suez Canal.