The situation in the Red Sea continues to escalate. Recently, Houthi rebels launched their first direct attack on a US warship and also struck a British oil tanker with a missile, causing it to catch fire. International shipping continues to be severely disrupted; trade through the Suez Canal has decreased by 42% in the past two months, with a particularly significant impact on container shipping.

The Lunar New Year holiday typically marks the end of the shipping off-season, and a drop in freight rates is normal. However, due to vessel shortages caused by the Red Sea crisis, the rate decline has been smaller than in previous years. Nevertheless, vessel availability remains tight, and major shipping companies are maintaining capacity during the off-season to address the market shortage. Global shipping's strategy of reducing sailings continues; statistics show that in the five weeks from February 26th to March 3rd, 99 out of 650 scheduled voyages were cancelled, a cancellation rate of 15%.