Sea Intelligence

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.

Washington – October 17, 2026 -- Container rates from Asia to the US West Coast rose 4% last week to $8,400/FEU, a new high for the year, according to the Freightos Baltic Index. East Coast prices held level at about $9,600/FEU, $200/FEU below the late-August peak. Resilient demand kept pressure on rates through month-end.

US-China truce extended two months, with tariff cuts on $30B of goods

The Trump-Xi meeting in Washington extended last year's US-China trade truce by two months. The truce was set to expire on November 10. The leaders also agreed to two more meetings before year-end. The deescalation likely postpones US port call fees on China-linked vessels, though the USTR has not yet issued anything official.