After a new round of Israeli-Palestinian conflict broke out in October last year, Yemen's Houthi armed forces used drones and missiles to repeatedly attack targets in the Red Sea waters. In early May, Yemen's Houthis said they would expand the scope of their strikes in the Red Sea, the Arabian Sea, the Indian Ocean and the Mediterranean against all ships of companies that had done business with Israel in the past few months, regardless of their nationality or the port of destination.

In addition to the Houthi armed attacks on commercial vessels sailing in the Red Sea and the Arabian Sea have become more frequent and precise, recent ship oil spills, strikes in many ports in Europe and the United States, and port congestion problems have also added many variables to the global maritime market. Shipping departs, high demand, a further loss of capacity due to port congestion and the threat of strikes at several major ports have exacerbated global supply chain tensions and continued to push up freight rates. Recently, the global container shipping market continues to show a strong upward trend, and the peak season effect has significantly driven the freight rate increase. According to the latest edition of the Shanghai Export Container Freight Index (SCFI) on the 28th, the weekly increase of 6.87% reached 3,714.32 points, and has risen for 12 consecutive weeks.

Among the major routes, European routes, which were flat last week, once again showed strong gains, with rates up 12.5 per cent. At the same time, the Mediterranean route and the United States East route freight rate increased by more than 10%. Among them, the freight rate of the European route rose by 12.55% to break the $5,000 /TEU level, and the freight rate of the United States East route rose by 12.05% to break the $9,000 /FEU mark. Large freight forwarding companies revealed that from July 1, in addition to the United States East route due to the dockworkers strike crisis led to an increase in freight rates of $2,000, the United States West and European routes are raised by $1,000-1,200 per large box. Most Mediterranean routes maintain the same freight rate of $7,000 per large box. However, it is expected that the next wave of price increases on July 15 May ease some of the increase in the West. A number of freight forwarder companies pointed out that according to the price increase plan on July 1, the freight rate of the United States West route will rise from $7100-7400 to $8100-8400, and the United States East route will rise from $8300-8400 to $10300-10400, becoming the first route with a freight rate of 10,000 yuan. European routes will rise from $7,500 to $8,500, while Mediterranean routes are expected to remain around $7,000, perhaps with a small increase of $200-300 for some companies.

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