“Security issues have led many ship owners and operators to use alternative routes through the canal, which has negatively impacted ship transit rates through the canal. “The decline was also reflected in traffic statistics for the 2023/2024 fiscal year, with 20,148 ships carrying one billion tons of cargo passing through and $7.2 billion in revenue recorded,” the statement said.
Suez Canal Traffic Statistics
It was noted in the statement that 25,911 ships carrying 1.5 billion tons of cargo passed through the Suez Canal in the 2022/2023 fiscal year, generating $9.4 billion in revenue, and that “(The current tensions in the Red Sea) not only affect the Suez Canal, but also the maritime transport market, trade movement and global supply chains.”
The Situation in the Red Sea
Since October 31, 2023, the Houthis in Yemen, who are backed by Iran, have been seizing commercial ships they say belong to Israeli companies off the coast of Yemen as a reaction to Israel’s attacks in Gaza, and attacking some of them with drones and missiles
Due to the actions of the Houthis, many shipping companies have decided to stop their voyages in the Red Sea. On December 18, 2023, the US announced the establishment of a multinational “naval task force” called “Operation Prosperity Guardian” against the Houthi forces with the participation of a group of countries, on the grounds that global maritime trade security was at risk.
Following the US and UK’s attacks on areas under their control in Yemen, the Houthis announced that they would target all ships of these countries.
