The report indicated that if the crisis continues in… Red Sea And channel Panama Global consumer prices may rise by 0.6 percent by 2025, while the impact for small island developing States will be more severe, with prices rising by 0.9 percent, and perhaps even higher. Food prices Manufacturers increased by 1.3 percent.
The organization’s report, which was devoted to maritime transport and issued on Tuesday, said: Geneva Critical choke points – such as the Panama Canal (connecting the Pacific and Atlantic Oceans) And the Suez Canal (which connects the Mediterranean Sea to the Indian Ocean via the Arabian Peninsula) and the Black Sea (an important center for grain exports) are under severe pressure.
The report indicated that a combination of Geopolitical tensions The effects of climate and conflicts have shaken global trade, threatening the functioning of maritime supply chains.
The report said Maritime trade Which grew by 2.4 percent in 2023 to reach 12,292 million tons, it began to recover after a contraction in 2022, but the future remains uncertain.
The report expected modest growth of 2 percent for the year 2024, driven by demand for bulk commodities such as iron ore, coal, and grains, in addition to goods packed in containers. The report noted that these numbers, however, hide deeper challenges.
The report expects container trade, which grew by only 0.3 percent in 2023, to rebound by 3.5 percent in 2024. At the same time, capacity supply has grown. Container ships by 8.2 percent in 2023. He said that long-term growth will depend on how the industry adapts to ongoing unrest such as the war in Ukraine and increasing geopolitical tensions in the Middle East.
The report explained that methods shipping The main country faced major disruptions, causing delays, rerouting and rising costs, as traffic through the Panama and Suez Canals – vital arteries of global trade – declined by more than 50 percent by mid-2024 compared to its peak.
He pointed out that this decrease is driven by lower water levels caused by Climate In the Panama Canal and the outbreak of conflict in the Red Sea region that affected the Suez Canal.
The report stated that shipments were redirected to Cape of Good Hope Increasing distances led to increased port congestion and increased consumption Fuel Crew wages, insurance premiums, and exposure to piracy.
It was stated that by mid-2024, the diversion of ships away from the Red Sea and the Panama Canal led to an increase in global demand for ships by 3 percent and demand for container ships by 12 percent compared to what it would have been without these disruptions.
The report stressed that this has added significant pressure to global logistics services and tense supply chains, and said that port centers such as Singapore and major ports in the Mediterranean are now under pressure as they deal with the increasing demand for transshipment services due to the diversion of ships, which adds to congestion. These ports add another layer of complexity to global transportation and trade networks.