Container shipping is set to face a crunch ahead of the Lunar New Year holiday as Houthi attacks in the Red Sea restrict capacity, a major industry consultant said. 

A.P. Moller-Maersk A/S plans to continue diverting ships away from the Red Sea “for the foreseeable future” after pausing transits earlier this week to assess the situation.

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Short-term rates for container shipping between Asia, Europe and the U.S. are climbing on reduced capacity caused by the threats to cargo vessels in the Red Sea.

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The global shipping industry is bracing for the prospect of living without its most important trade route for weeks.

Shipping giant A.P. Moller-Maersk A/S will redirect its vessels to sail south of Africa to avoid the Red Sea conflict area where Houthi militants have attacked several ships.

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Attacks on merchant ships by Houthi militants near Yemen in the Red Sea have prompted trade disruption, with major vessel owners Maersk and Hapag-Lloyg halting trips through the area.