Attacks on shipping in the Red Sea are a blow to global trade
But alternative routes are a boon for shipping firms
Until the Suez Canal opened in 1869, merchant ships in the Red Sea mostly carried coffee, spices and slaves. The waterway changed everything. So far in 2023 around 24,000 vessels have plied the passage, accounting for some 10% of global seaborne trade by volume, according to Clarksons, a shipbroker. That includes 20% of the world’s container traffic, nearly 10% of seaborne oil and 8% of liquefied natural gas.
This article appeared in the Business section of the print edition under the headline “Straitened out”
From the December 23rd 2023 edition
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