Cape of Good Hope Sees 50% Surge in Traffic as Ships Avoid Suez Canal

COLOMBO (News 1st); The IMF reported that Global Shipping Routes witnessed significant shifts in 2024 Q3.

Shipping volumes through the Suez Canal experienced a dramatic 70% year-on-year decline in the third quarter of 2024, maintaining the same level as the previous quarter. 

This significant drop has been attributed to various geopolitical and economic factors affecting the region.

In contrast, traffic at the Cape of Good Hope surged by over 50% year-on-year as ships opted to reroute from the Red Sea, seeking alternative pathways to avoid the congestion and delays in the Suez Canal.

Meanwhile, transit through the Panama Canal stabilized at 88% of last year's level during the same period, indicating a relatively steady flow of maritime traffic compared to the significant fluctuations observed in other global shipping routes.

These shifts highlight the dynamic nature of global trade routes and the ongoing adjustments made by the shipping industry in response to changing conditions.