Yeah, About That Canal

This graph of traffic through the Suez Canal is rather alarming.

Given the amount of trade that passes through the waterway, I'm thinking that we will be seeing some significant economic blowback from this:

The tonnage sailing through the #SuezCanal has just plummeted. From a high of almost 6M tons a day, it has fallen to 1/2 that amount - 3M tons.

Thanks to @biancoresearch & @IMFNews pic.twitter.com/uonWCDXYtV

— Sal Mercogliano (WGOW Shipping) 🚢⚓🐪🚒🏴‍☠️ (@mercoglianos) January 18, 2024

Between the conflict in the Red Sea, and the water shortages in Panama, we are likely to be seeing increases in transit times for large container ships to increase by weeks.