Global air freight prices rose for the first time in 7 weeks ahead of the Lunar New Year in Asia. Price data agency TAC Index said the Baltic Air Cargo Index rose 6.4% in the week to Monday.
The Yemeni Houthi group's attacks on ships in the Red Sea forced shipping companies to adopt longer routes that could add weeks to delivery times. The Red Sea and the Suez Canal are located on a major trade route through which about 12% of global shipping traffic passes.