01 March 2024 AXSMarine
Four months after what is officially considered to be the start of the Red Sea crisis, overall merchant vessel traffic through the Suez Canal has dropped by about 55% on a weekly basis. At the same time Dry Bulkers, Tankers (including Gas Carriers) and Container Ships passing via the Cape of Good Hope increased in count by up to 98%. AXSInsights data shows the different effects the crisis has had on the three main vessel markets. While Liner vessel traffic reflected the events in the Bab al-Mandab Strait as early as November last year, Dry Bulker and Tanker vessel counts through the Suez Canal were affected a couple of weeks later.
Container Ships in particular saw the heaviest drop in traffic through the Canal, with the second week of February seeing only 26 vessels crossing in either direction. This was a historic low, which during the last decade was only seen once when the MV EVER GIVEN obstructed the Suez Canal in 2021. It also represented a 76.1% year-over-year decrease, compounding the already heavy 64.4% year-over-year drop in Container Ship traffic registered throughout January.
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