Red Sea distortion plus Mexico and Brazil record imports from China have seen shipping rates balloon

The global container shipping capacity has been strained due to the Red Sea/Suez Canal situation and a restocking cycle in the U.S. and Europe with strong purchasing of Chinese goods. On May 17, the Shanghai Export Containerized Freight Index (SCFI) rose to 2520.76 points, a 9.3% increase from the previous week and more than a 130% increase since the Red Sea crisis in December, points out the Shanghai Shipping Exchange.

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