Forecasts for ocean freight shipping rates show that the crisis in the Red Sea is driving prices up and is set to rise further in February.

Early indications suggest ocean freight shipping rates are set to increase further, according to data released by Xeneta.

The Xeneta ocean freight rate benchmarking platform calls upon more than 400 million crowdsourced data points and the latest projection is based on rates already received from customers for the first week in February.

While the situation remains volatile and subject to change, the newly-released data is best indication of where the market is headed.

Follow our live blog to keep track of the impact of Red Sea tensions across shipping, freight, and insurance: