UNCTAD concerned about maritime transport disruptions
The United Nations Conference on Trade and Development (UNCTAD) expressed its «deep concern» over recent disruptions in maritime transport.
In particular, increasing disruptions to world trade have been caused by geopolitical tensions affecting shipping in the Black Sea, attacks on shipping in the Red Sea affecting the Suez Canal and the impact of climate change on the Panama Canal.
Shipping is a backbone of international trade as it is responsible for more than 80% of global goods movement.
«Recent attacks on Red Sea shipping, coupled with existing geopolitical and climate challenges, have resulted in a complex crisis affecting key global trade routes,» UNCTAD said in a press release.
UNCTAD estimates that weekly transits through the Suez Canal declined by 42% in the last two months.
Maritime transport
The ongoing conflict in Ukraine has caused substantial changes in oil and grain trade, reshaping established trade patterns.
At the same time, the Panama Canal, a critical conduit for global trade, is grappling with diminished water levels, resulting in a staggering 36% reduction in total transits over the past month compared to a year ago.
The long-term implications of climate change on canal capacity are raising concerns about lasting impacts on global supply chains.
Container carriers
The crisis in the Red Sea, marked by Huthi-led attacks that disrupted shipping lanes, has added another layer of complexity. In response, major shipping industry players have temporarily suspended transits through Suez.
In particular, weekly container ship transits have plummeted by 67% compared to a year ago, and container carrying capacity, tanker transits and gas tankers experienced significant drops.
Developing countries are particularly vulnerable to these shocks and UNCTAD continues to monitor developments.
The organization emphasizes the urgent need for rapid adaptations by the shipping industry and strong international cooperation to navigate the rapidly reshaping dynamics of global trade.
