Increasing trade restrictions driven by geopolitical rivalries also could hamper the recovery of global trade volume growth, which was barely perceptible last year at about 0.1%.
Analysts attribute Erdoğan’s decision to halt trade with Israel to poor results for his party in local Turkish elections last month.
Israeli CEO of Bosnian company Aluminij reveals increased exports to Israel amid Israel-Hamas war.
The Houthis have continued to disrupt global shipping through the Suez Canal, forcing shipping firms to re-route longer and more expensive journeys, and impacting global trade.
After years of tension, Turkey launched a diplomatic charm offensive in 2020 to mend ties with Gulf countries, namely the United Arab Emirates (UAE) and Saudi Arabia.
The alternative shipping route around South Africa's Cape of Good Hope can add 10-14 days to a journey compared to passage via the Red Sea and Suez Canal.
Taiwan's president says China must respect the outcome of its election, having repeatedly warned China is trying to interfere in the election.
Cancellations and rate increases are expected to continue into the first quarter, recommends customers book 4-6 weeks in advance to ensure space on vessels.
As a safety precaution, some vessels are attempting to mask their positions by pinging on other locations when entering the Yemen coastline, said senior freight analyst at Vortexa.
Haifa Port's October figures paint a picture of maritime sector leadership.
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