"Global Trade Disrupted as Soaring Freight Rates Hit Pandemic Levels"

A sudden shortage of shipping containers has caused ocean freight rates to spike dramatically, disrupting global trade. Factors such as peak shipping season, longer transit routes to avoid the Red Sea, and bad weather in Asia have exacerbated the situation. Ocean carriers are skipping ports and reducing port time, leading to fewer empty containers being available. This has resulted in increased costs for shipping consumer goods, with rates expected to rise further. The situation is reminiscent of the supply chain chaos during the COVID-19 pandemic, with logistics providers warning of continued challenges and higher costs being passed on to consumers.