Recent data from the Office for National Statistics (ONS) reveals a significant decline in ship crossings through the Suez Canal and the Bab-Al Mandab Strait, with a 66% reduction compared to the previous year as of early April 2024, beginning from mid-December 2023. This decrease is attributed to disruptions in the Red Sea area, including attacks on shipping routes linked to the Israel-Hamas conflict. As a result, trade routes have been rerouted, notably with US LNG deliveries to Asia via the Cape of Good Hope increasing by 25% over the winter, according to the International Energy Agency (IEA). The ongoing situation could potentially lead to higher LNG charter rates and eventually, increased gas prices.
Shipping traffic through the vital Suez Canal artery has plunged by 66% since cargo was forced to divert due to attacks on vessels, according to official figures Read more🔗 https://t.co/cgQ6HRWckd
The Telegraph from the British Bureau of Statistics: Shipping in the Red Sea has fallen by two-thirds amid escalating tensions in the region. https://t.co/PuHIgYSChZ
Continuous maritime rerouting in the aftermath of the #RedSeaCrisis in the backdrop of the Israel-Hamas conflict is emerging as an issue for major #trading nations due to the rising shipping costs & higher prices of commodities: @pr1thv https://t.co/Wg66UoiVoJ
Attacks on Red Sea shipping forces 66% decline in Suez Canal traffic - ONS Read more🔗 https://t.co/paI50X2ZOW
LNG trade routes rocked by disruptions to the Red Sea and Panama Canal 🚢🌎 🗺️ US deliveries to Asia via the Cape of Good Hope rose 25% over the winter, IEA says 👉 While impact has been limited so far, a continuation could increase LNG charter rates (and eventually gas prices) https://t.co/5Yjh19Xx5n
🚢 Suez Canal - "Innovative new ONS figures show ship crossings through the Suez Canal and the Bab-Al Mandab Strait began to fall from mid-December 2023, with the Suez Canal down 66% on the previous year, by the beginning of April 2024." Trade has been diverted to the Cape of… https://t.co/8og4djGTir https://t.co/5M9hcrr2Ge
Innovative new ONS figures show ship crossings through the Suez Canal and the Bab-Al Mandab Strait began to fall from mid-December 2023, with the Suez Canal down 66% on the previous year, by the beginning of April 2024. ➡️ https://t.co/ytx8OpGGo4 https://t.co/jLHq0aMt6o