The New Threat to the Suez Canal: Is Global Trade in Danger?

The New Threat to the Suez Canal: Is Global Trade in Danger?

the global economy is yet again facing another threat and this time it involves the Red Sea the Suz Canal which is one of the most important routes of Transport for the import and exported products is being avoided by shipping companies stick with us till the end of the video to find out more on this subject but before we begin make sure you like And subscribe to never miss out on more interesting content there has been a lot of fuss regarding the Panama Canal and the Suz Canal as of today but what exactly is it that is happening so much to influence the world in such a manner that’s exactly what we’re going to go into detail about there’s an ongoing wave of attacks by the Red Sea against Merchant ships it is this awaiting danger that is causing shipping companies to choose different alternative routes and avoid any Unfortunate Events these companies would rather have their ships take more lengthy and difficult routes to reach their destination than to have to face the attacks caused by the Red Sea which of course makes sense for the companies this is an issue that the global economy does not need at this moment when it’s already so fragile and vulnerable now let’s get into more detail about what’s actually going on there this takes us all the way back to an armed group called The huus the huus which is an Iranian armed group is mostly in charge of Yemen the northern part of Yemen to be exact this group has been causing immense havoc and Chaos for ships by firing even missiles at them why are they doing so this has been an outcome of the Israeli attack that took place last year in the first week of October this is most of the backstory that you’ll need to know to understand why ships have been avoiding the much use and travel sus Canal so now that the most convenient route has been block due to these dangerous events how does this affect the global economy this change in trade routes or travel routes for ships is super unfortunate and we cannot help but imagine how high prices of importing goods and exporting Goods could surge up because of this the Suz especially when it came to the transport of fuel tankers and cargo ships was always the most crucial route of travel it has been a route since the 1800 for imports from the Middle Eastern Nations to European countries and even to America this canal was given so much importance that several Nations even went to war against each other so that they can G possession of it and have an upper hand on the trades and transports through the canal now in the hands of the nation of Egypt from at least 10 decades ago the canal is once again in a state of Terror and threat and if that wasn’t enough to give you a gist of the importance of this canal you’d be surprised to know how many ships pass through the Suz Canal every single day approximately 50 Maritime vessels are known to pass through the sunz canal on a daily basis and that definitely isn’t a small number but as of now more than half of these ships have been made to switch routes the observation was made by Chris Rogers who was in fact the head of supply chain research at S&P Global Market intelligence Chris took notice of how this canal was crucial for transported goods from Europe to Asia and that 15% of the Imports were transported through the Persian Gulf via the Suz Canal some other companies who performed a detail study on the catastrophe occurring at the Suz described these events as a slow burning disaster all of which commenced just over a weekend this blockage of the Su has created so much Ruckus during imports and exports that some Traders do not even have a proper idea of where their goods are headed and if they will ever make it to their destination at all right after when the American warships brought down nearly 20 drones of the opposing party the whole nation was shaken and so were other countries as well but of course the US Defense Force has woken up from its Slumber and decided to take action against the happenings involving the canal they have come up with the idea of releasing a new multinational Force including countries such as the United States Britain Bahrain Canada and even France this multinational force is going to be launched and this force is going to be put together for the sole purpose of jointly addressing security challenges in the southern Red Sea and the Gulf of Aiden basically the main principle of this team follows is to ensure freedom of navigation not just for the us but for all countries and strengthen Regional security and prosperity even though companies made the decision to find alternatives for trade as when the ships from the company mayor was attack a week ago it was only a couple days ago that yet another Oil Company decided to suspend shipments via the sus Canal as they knew the question of security in that case was almost non-existent the mayor’s company after their tragedy definitely did not want to take any more chances and lose any more ships and they found another route through Africa which promised them a lot more safety this way they made sure that the crew would not have to be afraid about their safety and neither would there be any loss of any vessels or cargos or the products that are on board what’s even more interesting is that the Suz was believed to be the fastest and most convenient route only until the route via Africa was discovered contradictory to former police the route around Africa is almost as fast and convenient as the Suz it’s so unfortunate how exactly when the panalo canal is facing inconveniencies due to the drought and the Suz can Canal is going through its own set of problems nearly 12% of the world’s trait is either dealt by the Suz Canal or while the pamal canal is 5% and though these may seem like small numbers that’s clearly not the case it’s a whole chunk of the economy of the globe you wouldn’t believe the extra amount of money that has to be spent on fueling ships and the longer routes avoiding the Panama and sus Canal Millions more are being spent sometimes even more than that this canal Bea Africa the Cape of Good Hope though maybe considered the fastest alternative isn’t exactly as fast as it sounds to be though when compared to the remaining routes of the world it may seem fast as it adds approximately 3,300 more miles to a normal Journey the ships have to travel this means another million dollars is spent for the expense of fueling the ship with inflation situation going on in Europe and the United States and some of the current issues are causing concerns on how it might affect the situation the oil prices have skyrocketed to unbelievable prices already with the ongoing attacks there is inevitable amount of pressure felt not only by the us but also by other nations of the world to finally come forth and put an end to the chaos and misery the attacks just have to stop the huas need to put an end to it in any way possible it has come to a point to where the executives in the field of shipping are starting to resort to force to solve the situation as no Alternatives have been helping according to them this might be the only way transports via the Suz Canal may not be permanently stopped as that is not something that the global economy is prepared to handle it was only a couple years ago when the Suz Canal faced yet another supply chain crisis back then when the largest container ships carrying cargo and products literally got stuck in the middle of the canal yes the ship remained there for days blocking the canal causing tragic Misfortune for the other ships that were supposed to take the route and what’s even worse is that these events took place during the tragic period of the co pandemic and as we all remember it was during that pandemic that we desperately needed more and more supplies and produce as the world was in utter disorder during that time thankfully the demand for goods isn’t as severe as it was back in those sad times so one good thing that we can say is that the attacks aren’t as bad as the blockage of the Suz back then but it’s still still very bad for the global economy the only issue here is that when Panama chose the Suez to transport his goods due to his own problems the sez cannot be of any help as it’s dealing with its own fair share of issues sadly the Panama Canal situation won’t be over anytime soon the Panama Canal unlike the sus Canal uses locks and raises and lower ships that move from one ocean to the other and as a result of reduced rainfall there is little water to fill the locks the panamal canal Authority has restricted the number of ships per day and that number is expected to drop further when the dry season commences is I guess a solution to this entire situation is yet to be discovered but that’s all for today’s video folks what are your opinions on the current situation feel free to let us know in the comments down below and on the page of ship routes do you know that the largest ship in the world has a giant problem be sure to watch this video to find out now and of course we’ll see you in the next one

Global Trade at Risk: The New Threat to the Suez Canal could significantly disrupt international shipping routes. In this video, we delve into the emerging risks that could jeopardize one of the world’s most crucial maritime passageways. Learn about the geopolitical tensions, environmental challenges, and other factors contributing to this looming threat. Stay informed about how these developments might impact global trade and what measures can be taken to mitigate the risks. Don’t miss out on this in-depth analysis that is vital for anyone concerned about the future of international commerce.

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