ALBAWABA – After a Crude Oil ship operated by the commodities company Trafigura was attacked by the Yemeni Houthis while crossing through the Red Sea last Monday, Alarabiya reports that the Swiss Oil Vessel Advantage Padova, operated by Advantage Tanker had towed over the Suez Canal on the 26th, having to face transit fees amounting to $700,000 for passing through the canal the next day, in order to avoid passing through the Red Sea.
Earlier in January, The United Nations Conference on Trade and Development (UNCTAD) reported the divergence of ships away from the Red Sea due to recent attacks, and a 45 percent decrease in shipping volume through the Suez Canal, which 15 percent of world trade pass through, which not only affected ships moving from Asia to Central Europe, but also to West Coast of the United States.
According to Gibson Shipbrokers, transit fees to go through the Suez Canal amounted to $350,000 to $380,000 before the recent events, with Egypt announcing earlier last month the increase on Crude Oil Vessel fees for over $100,000 per each day, with Alarabiya reporting the shipping fees over the Red Sea increasing for their highest point since the COVID Pandemic back in 2020.
