By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Former Ukrainian politician living abroad shot dead on school run | World News
    Former Ukrainian politician living abroad shot dead on school run | World News
    May 21, 2025
    Why Poland is Critical – For Ukraine and Europe’s Defense 
    Why Poland is Critical – For Ukraine and Europe’s Defense 
    May 21, 2025
    Japan farm minister Taku Eto quits after gaffe over free rice | Politics News
    Japan farm minister Taku Eto quits after gaffe over free rice | Politics News
    May 21, 2025
    Trump issues ‘Golden Dome’ promise — RT World News
    Trump issues ‘Golden Dome’ promise — RT World News
    May 21, 2025
    Japan’s exports to the U.S. shrink for the first time this year
    Japan’s exports to the U.S. shrink for the first time this year
    May 21, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    XRP market cap grows 1.9% in Q1 2025 as XRPL adoption surges
    XRP market cap grows 1.9% in Q1 2025 as XRPL adoption surges
    May 21, 2025
    SHIB Forecast: Can It Reach alt=
    SHIB Forecast: Can It Reach $0.01 or Will Ozak AI Deliver Bigger 100x Returns?
    May 21, 2025
    Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation
    Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation
    May 21, 2025
    SEC Charges Unicoin, Top Executives With 0M ‘Massive Securities Fraud’
    SEC Charges Unicoin, Top Executives With $100M ‘Massive Securities Fraud’
    May 21, 2025
    Bitcoin open interest hits record high as bulls stampede toward new BTC price highs
    Bitcoin open interest hits record high as bulls stampede toward new BTC price highs
    May 21, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Freight through Suez Canal slashed by almost half in wake of Houthi attacks, says UN agency
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Business > Freight through Suez Canal slashed by almost half in wake of Houthi attacks, says UN agency
Freight through Suez Canal slashed by almost half in wake of Houthi attacks, says UN agency
Business

Freight through Suez Canal slashed by almost half in wake of Houthi attacks, says UN agency

Published January 26, 2024
Share
3 Min Read
SHARE

Freight travelling through the Suez Canal has almost halved since Yemen’s Houthi rebels began attacking cargo ships in the Red Sea.

The key shipping lane links producers in the Asia-Pacific region and Western markets – and longer, alternative routes has caused delays and increased costs.

In response to the attacks by the Iranian-backed militant group, which it says are in support of Palestinians in Gaza, the United States and Britain have carried out airstrikes.

Middle East crisis latest

Please use Chrome browser for a more accessible video player


2:00

Airstrikes send ‘clear message’

UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, said the number of ships using the canal over the last two months had fallen by 39%, leading to a 45% decline in freight tonnage.

Jan Hoffmann, the agency’s head of trade logistics, said there were now three key global trade routes disrupted, following Russia’s invasion of Ukraine and the Panama Canal, where low water levels from drought meant shipping last month was down 36% year-on-year and 62% from two years ago.

He said: “We are very concerned. We are seeing delays, higher costs, higher greenhouse gas emissions.”

Pollution was rising, he said, because ships were opting for longer routes and also travelling faster to compensate for detours.

The Suez Canal handles 12-15% of global trade and 25-30% of container traffic.

Container shipments through the canal were down 82% in the week to 19 January from early December.

Spot container rates recorded their sharpest weekly increase of $500 (£392), affecting not just Asia-to-Europe shipments but also the non-Suez route to the US west coast.

Read more:
World court stops short of ordering ceasefire in Gaza
Who are the Houthis?

However, rates were still only about half of the peak hit during the COVID-19 pandemic.

Mr Hoffmann said food prices could feel the impact, adding about half of the increases seen since the war in Ukraine were due to higher transport costs, although consumers in developed countries may take some time to see an effect.

He said: “Passing on these higher freight rates to consumers takes time, up to a year until… we would really see them in the shop, whatever shop – Ikea, Walmart or something.”

#Freight #Suez #Canal #slashed #wake #Houthi #attacks #agency

TAGGED:agencyattackscanalfreightHouthislashedSuezwake
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Lawyers carry on Post Office appeals amid uncertainty over government plan to overturn en masse Lawyers carry on Post Office appeals amid uncertainty over government plan to overturn en masse
Next Article World court does not order ceasefire in Gaza – but demands Israel takes all measures to prevent acts of genocide | World News World court does not order ceasefire in Gaza – but demands Israel takes all measures to prevent acts of genocide | World News
- Advertisement -

Latest Post

XRP market cap grows 1.9% in Q1 2025 as XRPL adoption surges
XRP market cap grows 1.9% in Q1 2025 as XRPL adoption surges
Cryptocurrency
Former Ukrainian politician living abroad shot dead on school run | World News
Former Ukrainian politician living abroad shot dead on school run | World News
World News
SHIB Forecast: Can It Reach alt=
SHIB Forecast: Can It Reach $0.01 or Will Ozak AI Deliver Bigger 100x Returns?
Cryptocurrency
Why Poland is Critical – For Ukraine and Europe’s Defense 
Why Poland is Critical – For Ukraine and Europe’s Defense 
World News
Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation
Bitcoin Breakout Imminent? Binance Taker Activity Suggests Bullish Continuation
Cryptocurrency
Japan farm minister Taku Eto quits after gaffe over free rice | Politics News
Japan farm minister Taku Eto quits after gaffe over free rice | Politics News
World News
- Advertisement -

You Might Also Like

Jaboya: Radical wisdom emerges from the fish for sex trade
Business

Jaboya: Radical wisdom emerges from the fish for sex trade

January 28, 2024
Internet outages rock President Ruto’s 25,000 Wi-Fi hotspots plan
Business

Internet outages rock President Ruto’s 25,000 Wi-Fi hotspots plan

August 2, 2023
Private equity firms collect tn in fees at reduced tax rates
Business

Private equity firms collect $1tn in fees at reduced tax rates

June 13, 2024
Sage, Biogen postpartum depression pill zuranolone wins FDA approval
Business

Sage, Biogen postpartum depression pill zuranolone wins FDA approval

August 5, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?