Greg Miller

The Russia-Ukraine war led to enduring changes in shipping routes. War in the Middle East looks likely to do the same.

Spot rates remain very high, but appear to have plateaued. The question ahead: Will they fall back after Chinese New Year?

The initial effect of Houthi attacks was on containerized consumer goods. The attacks are now snarling seaborne fuel flows.

Amid the focus on wars in Europe and the Middle East, North Korea’s threat to key exporting and shipbuilding nations grows.

Monthly canal transits are now much lower than they were in 2015, the year before the Neopanamax locks went into operation.

Container lines faced overcapacity and huge losses in 2024. Then the Houthis flipped the market in favor of container lines.

Container-ship diversions from the Red Sea will likely last for months. Are large-scale tanker diversions imminent?

Houthi attacks have been a plus for shipping rates. The latest to benefit: Owners of container vessels that can be rented to shipping lines.

The upsurge in rates due to ship diversions did not come soon enough to rescue container lines’ fourth-quarter results.

Red Sea escalation would juice tanker rates, but rates would fall if the conflict spilled into the Strait of Hormuz.