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Suez Canal saw a 40% drop in toll income as Red Sea tensions escalate
Posted on February 12, 2024 |
Security concerns and changes in shipping routes due to the Red Sea conflict have affected global trade in various ways.
Toll revenues at the Suez Canal have fallen sharply, dropping by 40% from $47 million to $28 million since late November 2023.
Specifically, container tolls have decreased by 66%, with estimated fees falling from $18 million to $6 million at the beginning of the new year.
The LPG sector has seen the largest toll reduction, down by 93%, while bulkers experienced a smaller decline of 7%.
Changes in shipping routes have led to a decrease in traffic through the Suez Canal and an increase in ships using the Cape of Good Hope route.
In the container industry, rerouting has halted the decline in freight rates seen since 2022, with ships choosing the Cape of Good Hope route earning more.