The Suez Canal has seen a 35% decline in shipping volume in the first week of January compared to the same period in 2023, according to data from the International Monetary Fund. This decline is attributed to the proliferation of attacks by Yemen's Houthi rebels, which has led many vessels to avoid the route and opt for the Cape of Good Hope. Shipping companies such as Maersk have diverted their vessels south due to insecurity in the Red Sea. The situation has led to an increase in shipping costs, although experts note that these are still lower than during the COVID-19 pandemic. Despite these challenges, revenues through the Suez Canal in December 2023 were higher compared to the previous year, reaching $749 million.
Learn how the Yemenis impacted the Red Sea by reading the full story in our Gaffel News Magazine: https://www.flipsnack.com/CCA6559BDC9/gaffel-news-edici-n-20-enero-2024/full-view.html