The number of containers passing through the Red Sea fell by more than half in December of 2023, to around 200,000 from 500,000 in November. The current level is 66% lower than the pre-pandemic 2017-2019 average, according to the trade indicator compiled by the Kiel Institute for the World Economy in Germany. The cost of a standard 40-foot container from China to northern Europe has jumped from $1,500 to $4,000 (Kiel Institute 2024).