EVERYTHING IS GOING SWIMMINGLY: Global shipping rates skyrocket as Red Sea crisis deepens.

New data from Freightos Terminal released Friday shows that rates for shipping goods from Asia to Northern Europe surged 461% compared to mid-October, before the diversion of vessels in the region began. Rates on the route from Asia to the North American East Coast and to the North American West Coast have also skyrocketed, climbing a respective 130% and 97% since the end of October.

Carriers have also announced surcharges that range from $500 to as much as $2,700 per container.

About 15% of world shipping traffic, including 30% of global container trade, passes through the Suez Canal to and from the Red Sea. But to avoid being attacked or having their cargo stolen, many ships are instead sailing around the Cape of Good Hope, which is the long way around Africa. The Houthi attacks on commercial ships have not stopped even after the U.S. and the U.K. launched strikes against Houthi assets in Yemen.

Biden’s “little bit pregnant” non-commitment to either war or peace will just drag the situation out.