The law of supply and demand means that shipping rates go up when you need more ships to deliver the same amount of cargo (because of the additional time in transit), but they won’t go up by much until the world really runs out of ships, which is not an imminent threat. The bottom line is that we can leave decisions about how to adapt to any risk from Houthi attacks to the shipping companies and their customers, whether that means diverting to longer shipping routes or simply accepting the slightly increased risk of damage to a few cargo containers while transiting the normal route through the Red Sea.

--SSP Affiliate Eugene Gholz in Antiwar