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Date: 23/04/2024

Container traffic halves due to conflict in Red Sea
 
The Red Sea security situation has slashed container ship traffic in the region by more than half, which experts say has completely shifted the trajectory of the container market, while transits of liquefied natural gas (LNG) tankers are at a near standstill. The crisis has had a cascading effect on the global shipping industry, spurring price spikes as ships are forced to divert to the much longer route around South Africa’s Cape of Good Hope. Container ship transits in the Red Sea plummeted by 55.6 per cent in the first quarter of this year, dropping to 3,464 from 7,804 during the same period last year, according to data from MarineTraffic, a ship tracking and maritime analysis provider. LNG trade, meanwhile, has almost ground to a halt, with a fall of 84.3 per cent, said a report.
 
Source: Exim News Service: Jeddah, April 22



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