Key maritime routes at risk in Red Sea, Black Sea, and Panama Canal- UNCTAD

Posted on February 26, 2024   |  

UNCTAD warns of threats to key maritime routes such as the Red Sea, Black Sea, and Panama Canal.

Disruptions could impact inflation, food security, and energy supply globally.

Recent attacks on ships in the Red Sea have affected Suez Canal transportation, adding to existing global commerce challenges.

The Red Sea crisis worsens disruptions in the Black Sea caused by the Ukraine conflict, altering trade routes.

The Panama Canal faces challenges due to falling water levels, raising concerns about its long-term viability.

Suez Canal transits have declined by 42%, with significant drops in containership and tanker transits.

Panama Canal transits have dropped by 49% from their peak.

Bypassing these canals leads to longer freight routes and higher costs, affecting countries like Ecuador, Chile, Peru, Djibouti, and Sudan.