Full impact of Red Sea shipping crisis yet to be felt, UN body warns

Houthi attacks on commercial vessels in the Red Sea caused 42% fewer ships to travel through the Suez Canal this January than at the peak in the first half of last year, a UN trade body said on Thursday, warning that the full impact has yet to be felt by consumers.

The disruption on the route that connects the Red Sea and the Mediterranean has caused spot container prices from Shanghai to Europe to rise by an average of 256% between the beginning of December and the end of January, the UN Conference on Trade and Development (UNCTAD) said, citing just one example.