Suez

Red Sea attacks, Ukraine war disrupt global trade: UN

The U.N. trade body has sounded an alarm that global trade is being disrupted by attacks in the Red Sea, the war in Ukraine, and low water levels in the Panama Canal.

Jan Hoffmann, a trade expert at UNCTAD, warned that shipping costs have already surged and energy and food costs are being affected, raising inflation risks.

Yemen Rebel Attacks Erode Global Trade: Suez Canal Traffic Plummets by Over 40%

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.

Avoiding Suez will have knock-on effect on costs, says official

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.

Egypt to raise Suez Canal transit fees for ships in 2023

Egypt has said that it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal, one of the world's most crucial waterways.

The Suez Canal Authority said in a statement on Sept. 17 that it will add 15 percent to the fees for tankers carrying oil and petroleum products, and 10 percent for dry bulk carriers and cruise ships.

Suez Canal records highest ever annual revenue of $7 bln

Egypt's Suez Canal Authority announced yesterday an all-time revenue record, earning $7 billion during the last fiscal year following a series of toll hikes for vessels transiting the vital waterway.    

Between July 2021 and June 2022 - Egypt's fiscal year - some 1.32 billion tons of cargo were shipped through the canal, Suez Canal Authority (SCA) chief Osama Rabie said.    

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