Asia-Med Container Rates Fall 12% as Carriers Return to Suez
Red Sea – October 17, 2026 -- Asia-Mediterranean container rates fell 12% to $4,200/FEU last week as carriers restored Red Sea and Suez Canal routings. The drop came even as Houthi forces seized a strategic port and island directly on the Bab el-Mandeb Strait chokepoint, according to the latest Freightos weekly analysis.
Houthi seizure of Bab el-Mandeb port escalates energy threat
The Houthis previously controlled elevated terrain miles from the Red Sea. Together with last week's attack on a key Saudi pipeline, the seizure marks another escalation in Iran-backed steps to threaten energy markets.
Oil and bunker fuel prices have climbed back to May levels. Some experts say the strategies that cut energy prices from initial war-time highs, mostly by drawing on reserves, are wearing thin and could now lead to an actual fuel crisis.