More than 100 container ships have been rerouted around the southern tip of Africa to avoid going through the Suez Canal, due to attacks on vessels by Houthi rebels in the Red Sea near Yemen. Taking the route around the Cape of Good Hope adds approximately 6,000 nautical miles and 3-4 weeks to delivery times between Asia and Europe. This disruption is estimated to absorb 20% of global shipping fleet capacity and potentially cause delays in the availability of ships as well as delays in returning empty containers back to Asia.
