Weekly shipping transits via the Suez Canal decreased by 42% during the last two months, according to the United Nations Conference on Trade and Development (UNCTAD).
UNCTAD has expressed profound concerns over the escalating disruptions in global trade, particularly stemming from geopolitical tensions affecting shipping in the Black Sea, recent attacks on shipping in the Red Sea and the impact of climate change on the Panama Canal.
Recent attacks on Red Sea shipping, coupled with existing geopolitical and climate-related challenges, have given rise to a complex crisis affecting key global trade routes. To read insights on its impact on helium supplies, click here.
The ongoing conflict in Ukraine has triggered substantial shifts in oil and grain trades, reshaping established trade patterns. Simultaneously, the Panama Canal, a pivotal conduit for global trade, is grappling with diminished water levels, resulting in a staggering 36% reduction in total transits over the past month compared to a year ago.
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