Gaza war tensions affect the Suez Canal
Gaza war tensions affect the Suez Canal
Tension in the Middle East has spread to the entire Persian Gulf, following attacks on cargo ships in the Red Sea. This has caused some shipping companies to announce the temporary suspension of navigation on the key route, key in global trade since it includes the Suez Canal as reported by international media.
“BP is the latest company that has stopped the transportation of its oil products through the Red Sea, following the intensification of attacks on several commercial vessels claimed by the Houthi rebel group, backed by Iran,” said Spain’s Cinco Dias on Monday, December 18.
The Economist indicated that the alleged attacks carried out by Yemen’s Houthi rebels and Somali pirates represent a significant threat to the commercial flow in one of the most active regions in terms of commercial exchange, just on the eve of the Christmas season.
This situation has generated marked concern both in the field of global trade and among shipping companies, which are now on high alert regarding the possible impacts on their operations.
Recently, Maersk, Hapag-Lloyd, CMA CGM, and MSC, four major shipping companies, have suspended or reduced their operations in the strait. According to international media reports, this decision has been made in response to the high risk identified.
The Suez Canal bridges the Red Sea and the Mediterranean Sea. A third of global cargo navigate this route.
During the last month, Suez became an alternative route to the Panama Canal, which due to drought problems was facing longer waiting lines for the transit of ships.
A recent publication by the Journal of Commerce warns that maritime carriers grouped in the Alliance would stop transits through the Panama Canal until next February for ships on three of its weekly container services between the United States and Asia, opting instead for longer sea routes through the Suez Canal.
