Suez Canal
Due to the surge in Houthi attacks on vessels passing through the Red Sea area, there is still a reduced traffic through the Suez Canal, a critical waterway connecting the Mediterranean Sea to the Red Sea, through which about 15% of global maritime trade volume normally passes.
The diversions of the vessels around the Cape of Good Hope have disrupted arrival schedules at all major ports around the world. Significant disruptions are seen in Asian ports due to severe congestion of the vessels. These delays and omissions are contributing to reports of empty containers shortages.
Shipping delays in Singapore have more than doubled in recent weeks, which could lead to higher freight prices being passed to consumers.
Panama Canal
Panama has eased drought restrictions earlier than expected as water levels continue to rise. The number of daily transits in the Panamax locks has increased from 17 to 24, and in the Neo-Panamax locks from 7 to 8. This adjustment will raise the total number of vessel transits per day to 32 (against the standard 35-40 daily vessel transits).
