Finshots Daily The Suez Canal boycott?!
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Dec 20, 2023 The podcast discusses the impact of the Israel-Hamas war on global maritime trade, including the boycott of the Suez Canal and attacks on ships. It also highlights the collaboration between Hamas and Houthi rebels, concerns of freight companies, disruptions in supplies, and rising freight costs.
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Suez Canal Importance
- Ships use the Suez Canal, a 164km shortcut built in the 1860s, to travel between Europe and Asia.
- This canal significantly reduces travel time and facilitates 12% of international trade.
Suez Canal Boycott
- Ships are boycotting the Suez Canal due to attacks from Houthi rebels in Yemen, who support Hamas.
- These attacks target ships in the Red Sea, causing freight companies to seek alternative routes.
Alternative Route Implications
- The alternative route around the Cape of Good Hope adds two weeks of travel time and increases costs like crew pay and fuel.
- This disruption affects various goods, including oil, potentially impacting prices and supply.