The Babu'l Mendep Strait experienced a 59.2 percent slowdown in trade volume for the week ending January 21 compared to the same period in 2023. Concurrently, the Suez Canal's trade volume declined by 44 percent, while the trade volume of the Cape of Good Hope increased by 55.5 percent in the 7 days under consideration. #SuezCanal #CapeOfGoodHope #GlobalTrade #FreightPrices #ShippingIndustry #TradeVolume #SupplyChainChallenges

The Suez Canal, a critical waterway handling about 12% of global trade, has seen a decrease in traffic. This has led to longer travel times and increased costs for ships circumventing the Cape of Good Hope, resulting in a substantial surge in freight prices, up by 186.8%. As of January 25, the annual increase in the freight price of 40 containers reached 93.6%, with a weekly increase of 5%. This upward trend has persisted for 8 weeks. #GlobalTrade #FreightPrices #ShippingIndustry #TradeVolume