Important Takeaways:

• Freight through Suez Canal sinks 45% amid Houthi attacks
• About 39% fewer ships have passed through the canal than at the start of December, leading to a 45% decline in freight tonnage
• UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, says that 39% fewer ships than at the start of December transited the canal, leading to a 45% decline in freight tonnage.
• Container shipments through the canal tumbled 82% in the week to January 19 from early December, while for liquified natural gas (LNG), the decline was even greater. The drop-off for dry bulk was smaller, and crude oil tanker traffic was very slightly higher, the agency said, according to Reuters.
• The Suez Canal is a critical shipping lane, given that it offers vessels a direct route between the North Atlantic and northern Indian oceans via the Mediterranean Sea and the Red Sea.
• About 15% of world shipping traffic, including 30% of global container trade, passes through the Suez Canal. But to avoid being attacked or having their cargo stolen, many ships are instead sailing around the Cape of Good Hope, which is a much longer way around the continent of Africa.

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