Container shipping rates could move halfway towards the peak seen during the global COVID-19 pandemic should attacks on international shipping in the Red Sea persist, sector analysts told IntraFish.

The turbulent situation is already leading seafood buyers to ask for longer lead times when sourcing their products.

After a flurry of drones and missiles were shot down on course towards shipping lanes in the southern Red Sea last week, the United States and United Kingdom launched retaliatory strikes against Yemen-based Houthi militants, who have been firing on vessels on routes to and from Asia using the Suez Canal for months.