A container ship has been struck by a missile in the Gulf of Aden, without sustaining serious damage. The economics of the threat to shipping remain muted. There are still ships sailing through the Red Sea. European gas prices are at the lowest level since last August, so concerns about energy prices should be limited. The additional nine days it takes to ship cargo around the Cape of Good Hope is unlikely to result in shortages, and shipping costs are a tiny part of the price consumers pay for goods.