Demand for passing of ships through the Suez Canal continues to grow. Traffic through the canal has increased dramatically in the last two years. In 2022, about 2,000 vessels per month on average passed through the canal, which is a quarter more than the monthly average in 2019. At the same time, the number of container ships passed through has increased by 7%.
Amid shrinking demand for container carriage and declining freight rates, container carriers may begin to actively reorient ships around Africa. This will save on Suez Canal fees and will load the released excess capacity.
Alphaliner estimates that the bunker cost for a through Rotterdam-Singapore voyage around the southern coast of Africa ranges from $390,000 to $440,000, and a passage through the Suez Canal costs about a million dollars for a Megamax vessel.