65 days of no LNG vessel transits via Suez Canal

Chamber of Shipping > Blog > News > International > 65 days of no LNG vessel transits via Suez Canal

LNG carriers have stopped using the Suez Canal for over two months, with the last transit recorded on January 16. This shift is attributed to the worsening security in the Red Sea, causing LNG ships to reroute around Africa. Unlike other shipping segments, LNG transport has entirely avoided the Suez Canal recently. This change has significantly impacted overall trade volumes through the canal, which dropped by 50% in early 2024 compared to the previous year, while trade via the Cape of Good Hope has seen a 74% increase. As a result, Egypt’s revenue from the Suez Canal, which was $10.25 billion last year, is expected to halve to about $5 billion this year. Merchant ship arrivals in the Gulf of Aden have also decreased by 72% compared to early December figures.

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