Global trade bypasses the Persian Gulf. The ships are fleeing to the other side of Africa

Trade traffic through the Strait of Hormuz dropped by 90%. due to the ongoing war in the Persian Gulf, which forced global maritime trade to redirect ships to routes around the African Cape of Good Hope, where traffic has already increased by 35%, according to Friday's data from MarineTraffic.

Following Tehran's closure of a key energy and oil route in response to joint US and Israeli attacks on Iran, the UK Maritime Trade Operations Center (UKMTO) has raised the security threat level in this key transport corridor to critical.

Since then, almost all world shipowners have suspended navigation in this region. On Wednesday, March 4, only five ships passed through the strait, three of them under the Indian flag. This represents a decline of 90% compared to the previous seven-day average. And on average, before the hostilities, 138 ships passed through the Strait of Hormuz a day.

Currently, most shipowners have chosen a much longer but safer route through the Cape of Good Hope, located approximately 50 km south of Cape Town in South Africa. On Wednesday, March 4 alone, 94 ships passed through this route, which is an increase of 35%. compared to the seven-day average on this trail. Trade was further diverted to this waterway on Thursday and a similar increase is forecast for Friday.

The route around the southern tip of Africa increases – according to MarineTraffic data – delivery time by 10-20 days and increases transport costs, but it provides a sense of security as long as there are no storms. These invade this part of Africa between April and September and can make navigation unpleasant.

Approximately 80 million barrels of crude oil and petroleum products are transported by sea daily, which is approximately 76%. total global transport of these products according to S&P Global data.

The oil transport crisis is a consequence of the military operations carried out by the American-Israeli coalition against Iran in the waters of the Middle East since Saturday. (PAP)

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