Shippers know the Suez is always a crisis waiting to happen
The Suez should still be used, when it’s safe, as the savings are great. But knowing there’s a 19th century backup plan is enough assurance that the global economy won’t crash at the next sign of mayhem.
Houthi attacks on civilian vessels, strategies to reroute ships, and the need for a 40-nation strong military alliance to guard 15 per cent of the world’s maritime traffic sounds like the kind of emergency that ought to bring trade to its knees.
Yet, the Suez Canal has been here before. What’s more, the stretch of water joining Europe to the Indian Ocean will face such crises again and again, forcing shippers to be ready at any moment.
