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Notes on Impact of Disrupted Suez Canal Oil Flows:

OIL

Bab al-Mandeb is a narrow strait connecting the Red Sea to the Gulf of Aden, through which 10% of global oil flows pass, Platts said.

  • In H1 2023, 8.8m b/d of oil flows passed through Bab al-Mandeb, according to EIA data.
  • Jet fuel is the most commonly traded commodity through the Suez Canal, around 30% of flows according to Platts citing Kpler.
  • The Houthis declared war on Israel and are threatening to Israeli-owned ships or vessels bound for its ports, with ships attacked by drones/UAVs and missiles.
  • The attacks by Yemen’s Houthis have left shipping companies shunning the area, according to Platts.
  • Currently Maersk and Hapag-Lloyd have suspended operations through the area.
  • Freight forwarders are raising rates on shipments, with “a container bound for the Middle East levied a war risk surcharge of $100/teu on dry and reefer cargo”, according to Platts.
Energy BulletsCommodities
Energy BulletsCommodities

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