Ocean cargo rates are surging after a missile attack and attempted hijacking of a Maersk ship this weekend prompted carriers to suspend plans to restart transits through the Red Sea, a critical artery to the vital Suez Canal trade route. Yemen-based Houthi militants have been attacking high-value cargo vessels in the Red Sea since November in a show of support for the Palestinian Islamist group Hamas fighting Israel in Gaza. It has forced ships to reroute around the southern tip of Africa, driving up costs for vessels for the longer voyages. Despite the spike, rates remain well below pandemic levels reached in 2021.

Egypt’s Suez Canal connects the Red Sea to the Mediterranean Sea and is the fastest way to ferry fuel, food, and consumer goods from Asia and the Middle East to Europe. It is used by almost a third of all global container cargo and is the primary supply chain route for many retailers, including IKEA, Walmart, and Amazon. It is also the main route for shipments destined for the US from China and other Asian countries.

The attack and attempt to hijack the Maersk ship prompted the world’s largest shipping company, Maersk Line, to announce it would “pause vessel progress via the Red Sea until further notice,” adding that it would reroute ships around Africa’s Cape of Good Hope instead. The rerouting is expected to add about a week to container transit time from Asia to Europe and North American ports.

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A Pentagon-led international naval force, Operation Prosperity Guardian, has been put in place in the area to deter future attacks, but so far, the Houthis have been undeterred. In a video posted Saturday, the rebels showed a drone-mounted attack against a merchant ship. It is the latest in a string of attacks, and it comes amid growing concern about the effect the conflict could have on global supplies of essential commodities.

Logistics CEOs tell the impact on the supply chain will depend on how long the rerouting lasts and how soon freight rates begin to rebound. In the meantime, they’re adjusting their plans and ensuring cargo to avoid disruption.

At the same time, they’re preparing for what may be a prolonged situation that requires more substantial, more focused efforts from governments in the region to protect ships and ensure safety. “The longer it goes on, the more it will drag on global trade,” says SEKO Logistics CEO Brian Bourke.

The uncertainty also drives carriers to impose new surcharges to cover increased operational costs and the potential for damage, loss, or delay. These additional charges, added to base rates, have been dubbed War Risk Surcharges or Emergency Bunker Surcharges. Freightos, a leading cargo marketplace, reports that Asia-to-North Europe rates more than doubled this week to above $4,000 per 40-foot container, while Asia-to-Mediterranean prices jumped to $5,175. The higher freight costs will have an inflationary effect on supply chains and consumer goods if the market moves slowly.