As shipping companies continue to reroute away from the Red Sea due to the risk of Houthi rebel attacks, global logistics managers are confronted with two problems simultaneously: rising ocean and air freight costs and stranded cargo. Both threaten to derail the global supply chain, which had only recently recovered from three volatile years of inflation and COVID-19 disruptions.

CNBC reported that on Thursday logistics managers were quoted an ocean freight rate of $10,000 per 40-foot container going from Shanghai to the United Kingdom. According to the outlet, prices were $1,900 for a 20-foot container to $2,400 for a 40-foot container only last week. Middle Eastern truck rates reportedly shot up to more than double.

Alan Baer, CEO of OL USA, told CNBC that rates are being adjusted rapidly as ocean carriers work to recoup the added costs of diverting their vessels. He said importers and exporters, as well as government regulators, were seeking to better understand what's driving the sudden large increases.

"During COVID, we had a slower buildup in freight prices due to the impact the pandemic had on the global supply chain," Baer said. "What we are experiencing here is a light switch event where vessels are being redirected in real time. But, that said, in certain trade lanes you are seeing freight rates going up between 100% to 300%. This does not appear to be totally driven by changes in supply and demand."

Citing Swiss logistics company Kuehne + Nagel, CNBC reported that, as of Thursday morning, 158 vessels carrying more than 2.1 million cargo containers were rerouting away from the Red Sea. MDS Transmodal reportedly estimated the value of the cargo to be $50,000 per container, or $105 billion.

The trade diversions are expected to impact product availability at IKEA, with company representatives telling CNBC that it does not own any container vessels but is working with transportation partners to manage shipments and ensure the safety of its people.

"What we can share for now is that the situation in the Suez Canal will result in delays and may cause availability constraints for certain IKEA products," an IKEA spokesman said. "This is our main priority. In the meantime, we are evaluating other supply options to secure the availability of our products, and we continue to monitor the situation closely going forward."

In a statement emailed to CNBC, French dairy and plant-based products company Danone disputed reports that its operations had been impacted.

"There has been no significant short-term impact reported on Danone's activity," a spokesperson reportedly wrote. "We are closely monitoring the situation, in relationship with our suppliers and partners. We will not be making any further comments."

Containers from around the world can be on a single vessel due to the different ports where the vessel will stop at while moving through its route. When a vessel is rerouted and delayed, all the shippers that have cargo on that vessel or that are waiting for it to pick up their containers are impacted.

Logistics managers might not have control over containers that are presently on the rerouted vessels, but they told CNBC that they do have control over stranded cargo that is sitting in ports from Europe to Asia.

For cargo considered stranded in Europe and the Middle East, they are eyeing shipping select products by air as a potential solution. U.S. shippers are also analyzing the feasibility of alternative routes like the TransPacific to the West Coast and the Panama Canal, to reach Gulf and East Coast ports.

Alternative ports being considered in the Middle East reportedly include Dubai, United Arab Emirates, and Aqaba, Jordan. 

For logistics to keep trade moving, the ability to pivot is crucial. Ocean carriers Maersk, CMA, CGM, and Hapag Lloyd reportedly have poured resources into their logistics supply chain management and have also worked with other logistics companies to be able to effectively respond to crises and better control the movement of their clients' containers.

Carriers also have access to the belly space of major airlines for freight and cargo can also be moved by rail, if needed.

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