Mass diversions of container ships around Africa’s Cape of Good Hope caused spot rates to surge, but the Red Sea effect has a limit, which may have already been reached.
Upward momentum has slackened. Rates in most lanes have leveled off. Several indexes for European lanes have pulled back.
The Shanghai Containerized Freight Index (SCFI) dropped 2.7% in the week ending Friday versus the prior week, the first weekly drop since late November.
https://www.freightwaves.com/news/red-sea-driven-surge-in-container-shipping-rates-loses-momentum