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Red Sea shipping volume plummets 55% in Q1- IMF
Posted on May 3, 2024 |
During the first quarter of 2024, there was a 55% year-on-year decline in shipping volume in the Red Sea, with a further 64% drop noted in March.
Since mid-December, disruptions led to the diversion of approximately 2,900 ships from the Suez Canal, which represents about 2% of global maritime trade in 2023.
Commercial ship attacks prompted the redirection of traffic away from the Red Sea starting on December 16, 2023.
The Red Sea serves as a vital shipping lane, facilitating approximately 15% of global maritime trade and accommodating over 22,000 transit calls annually.
Cargo worth around $80 billion was redirected from the Red Sea due to security threats posed by Houthi militants in Yemen.
A significant number of container vessels, approximately 121, opted for longer routes around Africa instead of transiting through the Red Sea and Suez Canal.
War risk insurance premiums for cargo ships experienced a notable increase, reaching up to 1% of the ship's value, with potential further escalations if the situation deteriorates.