Conflict at the Yemeni port of Hodeidah further raises the risks for shipping through the Red Sea. So far though it has not been a deterrent with transits of the Suez Canal having risen by 8% on a year earlier in May to reach their highest since August 2010. That’s been driven in part by a 44% surge in northbound shipments of metals, which may be a sign of metals from Asia being diverted to Europe and away from America’s section 232 duties on steel and aluminum. The data also shows Suez is doing better than the Panama Canal. The latter saw a 10% rise in tonnage in May vs. Suez’s 13% desp...