Geopolitical Tensions Drive Surge in Suez Canal Traffic
In July, Suez Canal revenues soared 42% year-on-year, thanks to geopolitical tensions, especially the Iran war and Houthi threats, prompting vessels to favor this route. With 1,340 ships transiting, including 526 oil tankers, revenues reached $505 million, the highest since December 2023, as global shipping patterns shift dramatically.