Since November 2023, there have been 133 reported incidents of shipping attacks by Houthi militia in Yemen, including 14 vessels struck by missiles or drones and 18 vessels hijacked by Somali pirates. This has caused some ships to bypass the Suez Canal in favor of the Cape of Good Hope. But Paul Berger at the WSJ reports on another alternative for some shippers. Some cargo has been diverted to air freight leading to huge increases in rates.
On lanes linking the Middle East and South Asia to Europe, average spot rates rose 46% from February to March to $2.82 per kilogram, a 71% increase from last year. The average global spot rate to ship cargo by air in March rose 7% from a month earlier to $2.43 per kilogram, according to Xeneta.
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