Traffic through Suez falls dramatically

The average daily tonnage going through the Suez Canal has dropped by 45% since the attacks by Yemen’s Houthis started in November. The number of vessels travelling through the Canal has declined by 39%, according to United Nations Conference on Trade and Development (UNCTAD).

Jan Hoffmann, UNCTAD’s head of trade logistics, said last Thursday January 25th that UNCTAD was very concerned at the delays, higher costs and higher greenhouse gas emissions.

Container shipments through the canal were down by 82% in the week to January 19th, compared to the numbers for early December.

The drop-off for dry bulk was smaller and crude oil tanker traffic had actually ticked up a little.

Hoffmann said food prices could feel the impact, adding about half of the increases seen since the war in Ukraine were due to higher transport costs. He accepted that end-consumers in developed countries might not see the effect for some time.