Carriers are figuring out how to reduce risk and deal with disruptions caused by the Houthis' attacks and low water levels in shipping lanes.
Stung by supply chain breakdowns and worried about labor unrest, many shippers have rerouted goods to the Gulf of Mexico and East Coast.
Softening demand and high inventories are to blame.
From the shipping slowdown in China to the excess of inventory on hand, there are a number of likely reasons for the drop.
Before the shipping container, goods were manually loaded into barrels and wooden creates.
Some containers have been sitting in storage for years. Experts say the problem has more to do with moving them to the right places than increasing the number in circulation.
Tariffs used to be the main concern for customs broker Gretchen Blough's clients. Now, it's all about the shipping containers.
The lack of available space means that if you can get a container, you'll pay more for shipping what's in it.