Violence against ships in the Red Sea by Iran-backed Houthi rebels has led carriers to divert over $200 billion in trade away from the crucial trade route. This has resulted in longer shipping times of 2 to 4 weeks as vessels must travel around the Cape of Good Hope instead of the Suez Canal. Freight rates have doubled or more from Asia to Europe and North America due to tighter capacity and delays. About 20% of vessel capacity is unused currently due to falling manufacturing orders.