Suez Canal

Greece’s Star Bulk to avoid Red Sea after attacks on its ships

Greece-headquartered Star Bulk will halt sailings through the Red Sea after Yemen's Iran-aligned Houthis attacked two of its ships in recent days, the group's CEO said.

The Houthis have targeted commercial vessels with drones and missiles in the Red Sea since mid-November in what they describe as acts of solidarity with Palestinians against Israel in the Gaza war.

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.

East Port Said eyes Thessaloniki as gateway

The administration of East Port Said, at the northern entrance of the Suez Canal, appears to "view" the port of Thessaloniki as a potential gateway to the Balkans and Europe for perishable Egyptian goods but also for Egyptian green hydrogen in the future, according to an Athens-Macedonian News Agency interview with East Port Said General Manager Aly Assem Ibrahim on Friday.

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.

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