Advertiser Spotlight Breakbulk & Project Cargo
Between Sept. 17 and Nov. 16, 2024, 173 vessels transited the strait, according to S & P Global’ s Maritime Intelligence Network data. Of those, 33 % were operated by Chinese concerns, 19 % Ethiopian, 6 % French and 4 % Turkish operators. From May 17 – July 17, the number of transits dropped to 129, of which 44 % were Chinese operators, 11 % Ethiopian and 9 % Turkish.
Double-paying transits
Speaking to the Journal of Commerce, a shipper said that they were still chartering vessels to discharge in the Red Sea but via entry through the Suez Canal at the Mediterranean end of the Red Sea. These northern Red Sea transits by the MPV / HL fleet increased after the November 2024 attacks and had started to fall away again prior to June 2025.
Reaching the Red Sea via the Mediterranean increases costs for shippers as the carrier enters the canal southbound laden but exits northbound in ballast, paying Suez Canal transit fees twice. The shipper said that double canal fees were preferable to not being able to secure tonnage for projects in the region.
Rerouting vessels around southern Africa adds an additional 10 to 14 days to Asia-Europe transits and takes capacity out of the market.
Over 2025, the MPV / HL charter market responded to the lull in the Houthi attacks with freight rates dropping 5 % from January’ s high, according to Toepfer’ s Multipurpose Index( TMI). However, the escalation of the Israel-Iran conflict in early June pushed rates up again as the market faced renewed concerns.
email: susan. oatway @ spglobal. com
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