Global shipping faces turmoil: choke point disruption
The shipping industry is navigating dangerous waters, with critical shipping chokepoints facing unprecedented pressure, threatening global trade, food security and energy supplies. The United Nations Conference on Trade and Development (UNCTAD) "2024 Maritime Transport Review" pointed out that the stability of global supply chains is being undermined by geopolitical tensions, climate change and regional conflicts. Also read: Global shipping headaches – droughts and rocket fires Although maritime trade volume will grow by 2.4% in 2023, totaling 12.29 billion tons, the outlook for 2024 is fragile, with growth of only 2% expected. Disruptions at key chokepoints such as the Panama Canal, Suez Canal, Red Sea and Black Sea have led to higher shipping costs, longer transit times and strained logistics networks, putting recovery efforts at risk. Chokepoint disruptions and rising costs The Panama and Suez Canals, vital arteries for global trade, are under intense pressure. By mid-2024, traffic for both had dropped by more than 50%. The Panama Canal is facing…
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