# Breakingviews - Red Sea gives shipping an Uber-style price surge | Reuters

> Reuters Breakingviews reports that after Iran-aligned Houthi militants launched missiles at ships bound for the Suez Canal, freight rates more than doubled from about $1,200 per trip in 2023 to a January peak. Shipping capacity has been constrained by rerouting around the Cape of Good Hope.

- Date: 2024-06-24 · published 2024-06-24T12:00:00.000Z
- Category: geopolitics · region Red Sea · magnitude medium
- Page: https://feedsoft.ai/events/17025-breakingviews-red-sea-gives-shipping-an-uber-style-price-surge-reuters
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Sharply higher freight rates raise the landed cost of imported feed ingredients and grain, supporting prices for buyers who rely on seaborne supply.

## Read by commodity

- OCEANFRT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/breakingviews/red-sea-gives-shipping-an-uber-style-price-surge-2024-06-24/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.