World News
Suez Canal Authority: Traffic is Flowing Normally Despite Red Sea Attacks
Traffic is currently flowing normally through the Suez Canal despite recent attacks in the Red Sea prompting leading shipping companies to avoid the area.
Since Friday MSC, AP Moller-Maersk, CMA CGM and Hapag-Lloyd have all instructed their ships to avoid the Red Sea in response to the increased threat to commercial shipping in the Middle East.
The Suez Canal being rendered effectively unusable to these companies would have some significant knock-on effects for the shipping industry and global trade. But the Suez Canal Authority has yet to see a big change, it said in a social media post on Sunday.
"We are watching closely the repercussions of the ongoing tensions in the Red Sea," Osama Rabiee, chairman of the SCA, said in the statement.
"Navigation through the Suez Canal flows normally as usual.
"The shift of 55 vessels to transit through the Cape of Good Hope route during the period from November 19 to the present is a significantly low number when compared to the 2,128 vessels that transited the canal in that period.
"The Suez Canal will remain the fastest and shortest route."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 602.50 | 13.50 | 676.00 | 10.00 |
| Rotterdam | 540.50 | 6.50 | 665.50 | 18.00 |
| Houston | 552.50 | 21.50 | 685.50 | 25.00 |
| Fujairah | 592.50 | 17.50 | 783.00 | 10.00 |
| Global 20 Ports Average | 615.00 | 12.00 | 757.00 | 15.00 |
| Global 4 Ports Average | 572.00 | 14.50 | 702.50 | 16.00 |
| Global Average Bunker Price | 653.00 | 9.50 | 824.50 | 9.50 |
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