UNCTAD, the UN’s trade and development body, has voiced apprehensions regarding the increasing disruptions in global trade. It emphasizes that attacks on ships in the Red Sea, geopolitical tensions in the Black Sea, and the influence of climate change on the Panama Canal are contributing factors to a complex crisis affecting vital trade routes. The disruptions are impacting major canals, resulting in a decline in trade volume and raising long-term concerns about the effects of climate change.
The rerouting of the Suez Canal has led to significant shifts in global trade routes, impacting shipping, delivery schedules, and the environment. VesselBot‘s data reveals a 23% increase in vessels rerouted through the Cape of Good Hope, providing insights into the associated changes in speed, distance, and emissions.