Spot Container Shipping Rates Soar 173% on Red Sea Diversions.

Container shipping rates between Asia, Europe, and the US have increased due to reduced capacity caused by threats to cargo vessels in the Red Sea. The spot rate for shipping goods in a 40-foot container from Asia to northern Europe has risen by 173% to over $4,000. Rates from Asia to the Mediterranean have increased to $5,175, and rates from Asia to North America's East Coast have risen 55% to $3,900. The slowdown in Suez Canal traffic, as vessels take longer routes to avoid missile strikes, has contributed to the rate spike. The blasts near the grave of Iranian commander Qassem Soleimani have also threatened to widen the Middle East conflict. [Extracted from the article]