UK data shows that shipping traffic through the Suez Canal artery in Egypt has plunged by 66%. This is due to cargo forced to divert due to attacks on vessels by Iran-backed Houthi terrorists.
Sky News reports on data from the UK’s Office for National Statistics (ONS)
- data from mid-December to the begining of April
For financial markets the implication of this is on inflation – fears that higher costs for insurance, fuel and wages risk stoking a fresh wave due to so many vessels diverting the long way around the southern tip of Africa. This adds up to 14 days to transit times.
This article was written by Eamonn Sheridan at www.forexlive.com.
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