Suez canal

Suez Canal revenue drops as some shippers shun Red Sea

THE Suez Canal’s annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by Iran-aligned Houthis in the Red Sea.

2024-07-18T08:00:50.000Z

Continued Houthi attacks in the Red Sea have forced shipping companies to take the longer, more expensive route around the Cape of Good Hope.

Companies & Markets

Global shipping prices stabilising in wake of Suez disruption, but at higher level

GLOBAL shipping prices are starting to stabilise, after rising for several months due to Red Sea tensions – but they may settle at a higher level than before, said industry observers.

2024-03-29T21:00:00.000Z

Egypt – which almost never stages military actions outside its borders – has made clear it fears any regional escalation that may have even graver implications for stability.

International

Egypt grapples with impact of Red Sea hits on Suez Canal revenue

EGYPT pushed ahead with an increase in transit fees through the Suez Canal this week, as a need for foreign currency trumped a fall in maritime traffic due to Houthi attacks on shipping in the Red Sea...

2024-01-17T05:55:15.000Z

Theoretically, it is slightly faster to go across the Pacific and through the Suez Canal, but the advantage is offset by hefty canal tolls.

International

STRAIT TALK

Global supply chain disrupted; ships taking the long way round

THE attacks on merchant ships in the Bab-el-Mandeb strait and the resulting effective near-closure of the Suez Canal have grabbed the headlines in the past few days.

2024-01-16T08:29:22.000Z

Maersk cited the highly volatile situation in the Red Sea and noted that the security risk remains high.

Transport & Logistics

Maersk to avoid Red Sea for foreseeable future

Shipping giant Maersk said on Friday (Jan 5) that it would divert all vessels around Africa instead of using the Red Sea and Suez Canal for the “foreseeable future” after Yemeni rebels attacked its me...

2024-01-05T04:17:32.000Z

A ship crossing the Suez Canal towards the Red Sea on Dec 22. With Houthi rebels targeting vessels in recent weeks, major shipping companies have rerouted their operations.

Companies & Markets

US tries to persuade shippers to sail through Red Sea despite Houthi attacks

THE United States military is trying to reassure shipping companies that a multinational force is making it safe to sail through the Red Sea and Suez Canal even though attacks from Yemen-based Houthi ...

2023-12-29T12:01:12.000Z

Maersk says the schedule remains subject to change based on specific contingency plans that may be formed over the coming days.

International

Maersk schedules dozens of vessels to travel via Suez Canal

Denmark’s Maersk said on Wednesday (Dec 27) it has scheduled several dozen container vessels to travel via the Suez Canal and the Red Sea in the next several weeks, in a further sign that global shipp...

2023-12-27T14:17:29.000Z

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