Despite the turmoil caused by Houthi attacks on ships in the Red Sea, U.S. package delivery behemoth FedEx (NYSE:FDX) has boldly declared that the disruptions have yet to induce a significant shift in air freight operations, claims CEO Raj Subramaniam in a Reuters report.

“Shipping over the ocean makes up 90% of global commerce so even a small change would have an impact, but we haven’t seen much yet,” stated Subramaniam at the National Retail Conference.

Acknowledging the predicament faced by retailers compelled to stock goods ahead of China’s Lunar New Year and explore air or rail alternatives for shipping across the Red Sea, the report cites executives and experts.

Vessels have grappled with prolonged delays due to diversions from the Red Sea around the Horn of Africa, in a bid to evade assaults by Iran-backed Houthi rebels.