Is the Red Sea effect on container shipping being overblown?

No one disputes that the Red Sea crisis is massively diverting containerized goods around the Cape of Good Hope. But opinions widely diverge on how serious this is for global supply chains, consumers and economies. On one end of the spectrum, there's the view that the Houthi attacks will stoke inflation, cause major goods shortages and have a material effect on Western economies, while container lines, previously expected to sink under the weight of excessive newbuilding deliveries, will turn into cash machines. On the other end of the spectrum, there's the view of respected shipping consultancy Drewry, which laid out…