Recent data from the industry indicates that 50% of the fleet of container ships that typically cross the Red Sea and the Suez Canal has avoided the route due to the potential for attacks. 299 ships with a total capacity of 4.3 million containers have either changed their intended path or plan to do so, according to a count conducted by Flexport Inc. That is about twice as many as it was a week ago and represents about 18% of the world’s capacity. According to Flexport, taking a different route around Africa can take up to 25% longer than taking the Suez Canal to connect Europe and Asia.
These longer travels are more costly, and if they carry on, consumers could have to spend more for necessities like food, gasoline, sneakers, and other items.