More and more ships from around the world are avoiding the Suez Canal due to increasing attacks by Yemeni Houthi rebels, a blow to Egypt which is going through its worst economic crisis.
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Data from the International Monetary Fund (IMF) is clear: volumes transported via the canal fell by 35% last week, compared to the same period in 2023. At the same time, volumes transiting the Cape of Good Hope in South Africa’s markets jumped 67%. “ All Maersk vessels transiting the Red Sea and Gulf of Aden will be diverted south around the Cape of Good Hope », Indicated the Danish shipping giant on Friday.
12% of world trade
About 12% of International trade transits the narrow strip of sea from Yemen to Egypt, according to the International Chamber of Shipping (ICS) and canal revenues represent a significant part of Egypt’s foreign exchange earnings with tourism and remittances from Egyptians abroad.
On December 17, the Suez Canal Authority acknowledged that 55 boats had been prevented from transiting. On Wednesday, the British and American armies announced they had shot down 18 drones and three missiles fired by the Houthis in the Red Sea, in what the British government called ” biggest attack » Yemeni rebels to this day.
Twenty-five attacks have taken place in two months according to the Americans who lead a coalition of 14 countries aimed at securing the Red Sea. In Cairo, people are surprised at the “ timidity » of the reaction of this armada comprising nuclear aircraft carriers, destroyers and frigates whose firepower could wipe out a small country, reports our correspondent in Cairo, Alexandre Buccianti. Apart from the destruction in flight of drones and missiles as well as three speedboats, the Houthi firing bases have never been attacked.
Read alsoAttacks in the Red Sea: “The Houthis want to transform themselves into a regional power”
Since October 7, the start of the war between Israel and the Palestinian Islamist movement Hamas in Gaza, the Israeli army has been shelling the small Palestinian territory. To show their support for Gaza, the Houthis, who are part of the pro-Iranian and anti-Israel “axis of resistance”, are increasing attacks in the Red Sea against commercial ships that they consider linked to Israel.
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(and with agencies)