Suez Canal vessel transits plunge 34% in seven weeks, with further drop on cards
Further rerouting likely over the coming days, as shipowners respond to increasing Red Sea threat
Lloyd’s List Intelligence figures show 290 ships over 10,000 dwt transited in the seven-day period ending January 14, against the 440 vessels that navigated through the Suez Canal for the week ending November 26, shortly after the Houthis’ first significant attack
WEEKLY Suez Canal traffic has dropped 34% compared with the end of November, when the Houthis began attacking commercial shipping in the Gulf of Aden and Red Sea, Lloyd’s List Intelligence data shows.
Some 290 cargo-carrying ships over 10,000 dwt transited in the seven-day period ending January 14, compared with 440 for the week ending November 26, just a few weeks after the Houthis’ first significant attack, the hijacking of car carrier Galaxy Leader (IMO: 9237307).
The largest falls by vessel type were seen for liquefied natural gas carriers and liquefied petroleum gas carriers. Six LNG carriers transited last week, compared with 20 in late November. That figure fell to seven vessels between December 25-31 from 25 the prior week, as the Houthis stepped up missile and drone attacks.
The sharp falls in canal traffic as ships divert around the Cape of Good Hope to avoid the Houthis will also reduce income for the Suez Canal Authority, which reported $9.4bn in revenues for the financial year that ended on June 30, 2023.
The International Energy Agency estimated oil trade flows through the waterway — estimated at 7.8m barrels per day in 2023 — would be down by two-thirds by the end of the month based on current trends.
Bulk carriers are the most resilient, data shows. Traffic through the canal totalled 139 bulk carriers for the seven-day period ending January 14, compared with 138 tracked seven weeks earlier.
Tanker numbers have begun to fall, but the drop is less severe than the other sectors.
Some 55 product tankers transited the Suez Canal between January 7 and 14, compared with 64 at the end of November.
Crude tanker transits were at 42 last week, versus 65 over the same period.
Further rerouting is likely over the coming days, resulting in larger drops in canal traffic. The figures do not fully account for the effect of four separate military strikes on Houthi land targets by UK and US military since January 15.
Bulk carrier transits had remained unaffected. However, this week three bulk carriers were attacked. The Malta-flagged Zographia M. (IMO: 5241087), US-owned Gibraltar Eagle (IMO: 9702508) from Eagle Bulk Shipping and, yesterday, the vessel Genco Picardy (IMO: 9301720) was struck in its cargo hold.
The Indian Navy said it had rescued the crew in the Gulf of Aden.
