Why ships are not preferring the Suez Canal

MSC, the world's top shipping company, had one of its ships attacked in the Red Sea. 🚢 

Wondering why? Let's break it down!

Ships usually use the Suez Canal for quick trading between Europe and Asia. It's been a game-changer since the 1860s, but recently, ships are avoiding it due to security worries. 🌍

Why the fear?

It's linked to conflicts in Yemen, where rebels are supporting Hamas. Attacks on ships passing through the Red Sea have increased, affecting different types of vessels.

Now, ships are looking for other routes, like the ones before the Suez Canal. But these routes take longer, costing more for things like crew pay and fuel. Plus, it might disrupt supplies, including oil. 🛢️

This situation is making oil prices go up, and insurers are charging more (called 'war risk premium'). Freight costs have already shot up by 12%!

Good news, though—the US, UK, Canada, Italy, and others are teaming up for Operation Prosperity Guardian to patrol the Red Sea and keep things flowing

smoothly. 🤝

Until then...

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