Yemen Monitor/News Room
New figures released on Friday showed that container traffic in the Red Sea has almost come to a standstill as ships have diverted their routes to the Cape of Good Hope due to attacks on ships by the Houthi group.
The 40-feet (12.1-meter) container composite index rose to $5,868 by July 4, an increase of 120% in six months, according to research firm Drewry.
The World Container Index (WCI) gained 10% for the week ending July 4.
Furthermore, the WCI is up 298% compared to the same week last year, a much more dramatic change.
As a result of ships rerouting around the Cape of Good Hope in South Africa, shipping times have been extended by 10-14 days, while the total transit of commercial ships through the Cape of Good Hope has jumped by 125%.
In addition, the WCI for 40-feet containers on the Shanghai-New York route rose 137% to $9,158 in the past six months, while it jumped 174% to $7,472 on the Shanghai-Los Angeles route.
