Ship traffic through Suez Canal drops by 20%

Shipping traffic through the Suez Canal fell 20% between December 24th and January 2nd compared to a year earlier, according to the International Monetary Fund’s PortWatch platform. While such a drop cannot be ignored, and will have an economic impact on the Suez Port Authority, it is not the mass defection that some had predicted.

From December 15th, when Maersk became the first shipper to announce diversions, until January 2nd the most recent date for which PortWatch has data, the number of tankers and cargo ships passing through the crucial shipping lane fell by 10%.

The seven-day averages began falling on December 24th.