Read previewThe number of vessels passing through the Suez Canal and Panama Canal have dropped 50% from normal levels, according to Apollo Management's top economist.
AdvertisementSuez Canal slowdownAbout 12% of global trade passes through the Suez Canal, according to an estimate from the US Naval Institute.
Related stories"Normally, 200 ships travel through the Suez Canal from south to north over a week, but that number has recently declined to 100," Sløk wrote.
Suez Canal traffic is down 50% APThe trouble in the Suez Canal has been ratcheting up as Yemen-based Houthi rebels have been launching attacks against ships in the Red Sea, forcing some ships to take longer — and costlier — detours.
And although goods inflation has been tumbling, higher shipping costs could send that back up again if they continue to follow recent trends.
Persons:
—, Torsten Sløk, Sløk, Thierry Wizman
Organizations:
Service, Business, US Naval Institute, Apollo, Container, Shipping, Apollo Management, Macquarie
Locations:
Suez, Panama, Yemen, Red, Shanghai, Rotterdam, Drewry