Cargo rates surge after Red Sea attacksGLOBAL SHIPPING: Rates for Asia to North Europe have more than doubled to above US$4,000 per 40-foot container, with Asia to Mediterranean prices climbing to US$5,175 Ocean freight rates are surging after a missile attack and attempted hijacking of a ship operated by AP Moller-Maersk A/S over the weekend prompted carriers to suspend plans to restart transits through the Red Sea, a key artery to the vital Suez Canal trade route. Yemen-based Houthi militants have been attacking high-value cargo vessels in the Red Sea since November last year in a show of support for Palestinian Islamist group Hamas fighting Israel in Gaza. It has forced ships to reroute around the southern tip of Africa, driving costs for vessels for the longer voyage, although rates are still far
