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Suez Canal ship traffic drops by two-thirds following Red Sea attacks
Posted on April 29, 2024 |
Ship traffic passing through the Suez Canal experienced a significant decline, decreasing by two-thirds at the beginning of the month.
This reduction underscores the impact of disruptions in the Red Sea on global trade, particularly amid heightened geopolitical tensions.
During the first week of April, the number of ships traversing the Suez Canal dropped by 66% compared to the same period last year.
The Suez Canal serves as a crucial trade route for vessels traveling between Asia and Europe, transporting vital commodities such as oil and natural gas.
Additionally, the Bab-Al Mandab, another critical gateway to and from the Red Sea, witnessed a 59% decrease in crossing volumes during the corresponding period.