A recent missile attack by Yemen's Houthi rebels on an oil tanker in the Red Sea has heightened tensions in the region and raised concerns about the impact on global shipping and trade. Shipping rates for shipments through the Red Sea have surged in recent weeks, with some routes seeing prices triple.

This is due to a combination of factors, including the increased risk of piracy and other disruptions in the region. For Chinese exporters who rely on the Red Sea to ship goods to Europe, the rising costs are a major concern. Many companies are now looking at ways to mitigate the impact of the rising costs.