A maritime advisory firm Sea-Intelligence said the disruptions to shipping from the Houthi rebel attacks in the Red Sea are already more damaging to the supply chain than the early COVID-19 pandemic.

The vessel capacity drop is the second largest in recent years. The only single event with a bigger impact than the Red Sea crisis was “Ever Given,” the giant cargo ship that got stuck in the Suez Canal for six days during March 2021. 

Market reaction

At the time of writing, the US Dollar Index (DXY) is trading near 103.17, down 0.08% on the day.