Source link The trade volume was diverted from Suez to route around South African Cape of Good Hope, the International Monetary Fund reports The Suez and Panama Canals have seen drops in trade of 50% and 32% respectively during January and February, compared with the same months in 2023, the International Monetary Fund (IMF) is […]
Source link Egypt and Russia are in talks on creating an international logistics hub for grain in the Suez Canal region, news website Marsal Qatar reported on Tuesday. The facility, linking to one of the world’s busiest waterways, would be used to store Russian wheat and distribute it to nearby countries. On February 15, the […]
Source link Major shippers have stopped using the vital maritime route due to ongoing Houthi attacks Freight through the Suez Canal has plummeted by 45% in the two months since Houthi rebel attacks on vessels in the Red Sea forced shipping companies to divert shipments, sending shockwaves through global supply chains, the UN Conference on […]
Source link Revenues generated by Egypt’s Suez Canal saw a 40% year-on-year decline in the first eleven days of 2024, canal authority head Osama Rabie said earlier this week. Ship traffic through the maritime artery connecting the Mediterranean and the Red Sea dropped 30% between January 1 and January 11 compared to the same period […]
Source link Houthi attacks from Yemen on commercial vessels in the Red Sea and Gulf have generated major disruption across key shipping artery The cost of transporting cargo through the Red Sea and the Suez Canal, a major waterway for global shipping, have surged over 300% since November, amid Houthi attacks on commercial vessels thought […]
Source link Disruptions are forcing shippers to use longer and costlier routes, analysts say Reduced water levels along the Panama Canal are disrupting global trade, forcing shippers to sail longer routes and pay higher freight costs, Reuters reported on Monday. The man-made waterway in Central America, which provides a much cheaper route for ships to […]