The crisis in the Red Sea is having a big impact on the container ship charter market, sending rates sky-high.

More than 20 attacks on shipping by Houthi militants in Yemen since November in response to Israel’s war with Hamas have significantly disrupted trade. AP Moller-Maersk, Hapag-Lloyd and MSC Mediterranean Shipping Company have rerouted ships to avoid the region.

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Singapore’s SeaLead Shipping is paying a hefty premium for a vessel trading into the area.