Suez

At this moment, the railway transport of goods is a fast and more reliable alternative to sea transport

The largest share of world trade is carried out by sea transport. It is this type of transport that has been subjected to a number of challenges since 2020 - the COVID-19 pandemic, the lack of equipment and the congestion of the Suez Canal.

They pass through the Suez Canal – They come because the sea temperature is rising and the number of sea turtles, their main predator, is decreasing – See photos

The U.N. trade body has sounded an alarm that global trade is being disrupted by attacks in the Red Sea, the war in Ukraine, and low water levels in the Panama Canal.

Jan Hoffmann, a trade expert at UNCTAD, warned that shipping costs have already surged and energy and food costs are being affected, raising inflation risks.

In a concerning development for global trade, the Suez Canal has experienced a dramatic drop of more than 40% in traffic volume, attributed to repeated attacks by Yemen rebels on merchant ships. The United Nations, through data provided by the UN Conference on Trade and Development (UNCTAD), expresses deep concerns about the implications of these disruptions on worldwide commerce.

The Houthis have targeted that crucial corridor linking Asian and Mideast energy and cargo shipments to the Suez Canal onward to Europe over the Israel-Hamas war

Piraeus Chamber of Commerce and Industry President Vassilis Korkidis warned on Thursday that with 90% of world trade carried by sea, the effect on transit prices from the attacks on commercial ships passing through the Red Sea and the Suez Canal, not only on trade but also on fuel costs, is inevitable.

A Greek-owned cargo ship carrying corn that went aground early on Monday in the Suez Canal was refloated and traffic through the crucial waterway was restored, Egyptian authorities said.

Egypt has said that it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal, one of the world's most crucial waterways.

The Suez Canal Authority said in a statement on Sept. 17 that it will add 15 percent to the fees for tankers carrying oil and petroleum products, and 10 percent for dry bulk carriers and cruise ships.

Egypt's Suez Canal Authority announced yesterday an all-time revenue record, earning $7 billion during the last fiscal year following a series of toll hikes for vessels transiting the vital waterway.    

Between July 2021 and June 2022 - Egypt's fiscal year - some 1.32 billion tons of cargo were shipped through the canal, Suez Canal Authority (SCA) chief Osama Rabie said.    

The megaship which blocked Egypt's Suez Canal and crippled world trade for nearly a week has been "seized" on court orders until the vessel's owners pay $900 million, canal authorities said on April 13.