No LNG carrier has passed through the
Suez Canal for more than two months, according to new data published from the
United Nations Conference on Trade and Development (UNCTAD).
The last
LNG ship to make its way through the Egyptian waterway was on January 16 since
when the deteriorating security situation in the Red Sea has seen a mass
rerouting of gas carriers around the continent of Africa.
Of all
the main commercial shipping segments,
LNG stands out as the one to have totally shunned the Suez in recent months,
as the UNCTAD chart below highlights.
Overall trade volumes through the
Suez Canal plummeted by 50% year-on-year in the first two months of 2024, according to the International
Monetary Fund while trade transiting around the Cape of Good Hope surged by an
estimated 74%.
Suez
Canal transits generated $10.25bn in revenues for Egypt last year, a figure the
Suez Canal Authority has admitted could be slashed to around $5bn this
year.
M 22
The
latest data from Clarksons Research shows that total Gulf of Aden vessel
arrivals for all merchant ship types stand 72% below levels recorded in the
first half of December.