the suez canal

In a concerning development for global trade, the Suez Canal has experienced a dramatic drop of more than 40% in traffic volume, attributed to repeated attacks by Yemen rebels on merchant ships. The United Nations, through data provided by the UN Conference on Trade and Development (UNCTAD), expresses deep concerns about the implications of these disruptions on worldwide commerce.

The Houthis have targeted that crucial corridor linking Asian and Mideast energy and cargo shipments to the Suez Canal onward to Europe over the Israel-Hamas war

All crew members of the Greek-owned oil tanker St Nikolas, which was seized on Thursday by the Iranian navy, anchored in Bandar Abbas, Iran, are reported to be in good health and safe, as was announced by the vessel's management company Empire Navigation. 

Greek shipping company Empire Navigation confirmed their well-being after contacting Iranian authorities. 

In a strategic collaboration, Bulgarian company Stargate Bulgaria, a subsidiary of "K" Line, assumes the management of nine car carriers owned by the Japanese giant Kawasaki Kisen Kaisha.

The Greek-owned tanker St Nikolas, sailing under a Marshall Islands flag, that was seized by a group of five gunmen off the coast of Oman on Thursday has now anchored at the port of Bandar Abbas in Iran, sources said on Friday.

The Greek Foreign Ministry has assumed responsibility for ensuring the safety and repatriation of a Greek national who is part of the tanker's crew.

A high-ranking Hellenic Navy officer will visit the US naval base in Manama, Bahrain early next week to help plan Greece's role in the operation Prosperity Guardian in the Red Sea.

The operation aims to protect merchant shipping from attacks by Yemen's Houthi rebels, who have declared that any ship destined for Israel is a legitimate target.

The Suez Canal crisis has started to cause significant delays in the smooth supply of the Greek market with durable consumer goods imported from Asia, such as refrigerators, televisions, computers and cars.

The attacks on commercial ships in the Red Sea by Yemen's Houthi rebels have rerouted a majority of global trade away from the crucial maritime artery for goods and supplies that are likely to impact Turkish consumers through rising prices.

Piraeus Chamber of Commerce and Industry President Vassilis Korkidis warned on Thursday that with 90% of world trade carried by sea, the effect on transit prices from the attacks on commercial ships passing through the Red Sea and the Suez Canal, not only on trade but also on fuel costs, is inevitable.

Greece has advised commercial vessels sailing in the Red Sea and the Gulf of Aden to avoid Yemeni waters, keep only the necessary crew on the bridge and follow alerts issued by maritime authorities to avoid attacks in the area.

Greek ship-owners control about 20% of the world's commercial vessels in terms of carrying capacity.