Weekly transits through the Suez Canal have decreased by 42% over the past two months, according to a statement by the UN Conference on Trade and Development (UNCTAD) on Friday.

The intergovernmental organization expressed concern over rising disruptions in global trade, citing geopolitical tensions in the Black Sea, recent Red Sea attacks affecting the Suez Canal, and the impact of climate change on the Panama Canal.

Major players in the shipping industry have temporarily suspended Suez transits in response to the Red Sea attacks, resulting in a 67% drop in container ship transits per week compared to a year ago. Avoiding the Suez Canal leads to increased expenses, extended cargo travel distances, higher trade costs, and environmental concerns due to higher fuel consumption.

UNCTAD emphasizes the importance of international cooperation to address these challenges in global maritime transportation, responsible for over 80% of the global movement of goods in international trade.