Suez Canal Traffic Drops to Lowest Since 2021 Blockage
- Number of crossings falls to the lowest level since 2021
- Ships are diverting around Africa’s Cape of Good Hope
A crude oil tanker moves along the Suez Canal towards Ismailia in Suez, Egypt, on Dec. 21.
Photographer: Stringer/BloombergThis article is for subscribers only.
Commercial ship transits through the Suez Canal dropped to the lowest level since the Ever Given blocked the waterway nearly three years ago, highlighting the extent to which attacks on vessels near the Red Sea are redirecting global trade to a longer, costlier route.
According to a data platform maintained by the International Monetary Fund and Oxford University, the seven-day moving average of daily Suez crossings by bulk cargo ships, container carriers and tankers fell to 49 as of Sunday. That’s down from a 2023 daily peak of 83 transits in late June, and lower than the seven-day average a year earlier of 70 transits.