On Wednesday, the International Monetary Fund (IMF) revealed a substantial 30% decrease in container shipping activity in the Red Sea this year, attributing the decline to the persistent attacks by Yemen’s Huthi rebels.
Jihad Azour, Director of the IMF’s Middle East and Central Asia department, highlighted the significant drop in container shipping, emphasizing that the decline had accelerated in the early months of the year.
According to the Pentagon’s recent statement on Tuesday, the Iran-backed Huthi rebels have carried out more than 30 attacks on both commercial shipping and naval vessels since November 19. The rebels assert that these attacks are a show of solidarity with the Palestinians and a protest against the Israel-Hamas conflict unfolding in the Gaza Strip since October.
The IMF’s PortWatch platform further reveals that the overall transit volume, encompassing various cargo types and not limited to containers, through the Suez Canal witnessed a substantial 37% decrease in the current year up to January 16, compared to the corresponding period in the previous year. The Suez Canal serves as a vital link, connecting the Red Sea to the Mediterranean Sea.
