Shipping volumes in the Red Sea have sharply declined due to ongoing attacks by Houthi rebels, leading ocean carriers to reroute their vessels around Africa’s Cape of Good Hope. Project 44 reports an 80% decrease in Suez Canal passages from May 2023 to May 2024, with rerouted journeys adding an extra 10-14 days to transit times for major shipping routes. Financially, the Suez Canal has been significantly affected, experiencing a sharp 64.3% drop in revenue in May 2024 compared to the previous year.
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