Prices of solar modules shipped from Asia to Europe have jumped as much as 20% as trade disruptions in the Red Sea, which carries 12% of the world’s seaborne trade, have spiked freight costs. Since mid-November, heightened hostilities from Houthi militia targeting vessels passing through the Red Sea have resulted in swaths of merchant fleet avoiding the key trade route. The Red Sea connects to the Suez Canal—the shortest sea route between Asia and Europe.