European Wheat Shipments Are Bypassing the Suez Canal
- Shippers using alternative routes to Asia, Africa rise 42%
- Number of cargoes transiting via the Suez Canal are down 40%
Commodity carriers have been forced to bypass the Suez Canal because of Houthi militant attacks on merchant ships in the Red Sea.
Photographer: Marlene Awaad/BloombergThis article is for subscribers only.
European wheat vessels increasingly are being rerouted to avoid the Suez Canal amid rising security risks in the key trade lane.
The share of shipments from the European Union, Ukraine and Russia using alternative routes on their way to Asia and Africa surged to 42% by mid-January from 8% last month, the World Trade Organization said in its wheat dashboard. The number of cargoes transiting via the Suez Canal is down by 40% from a year ago.