So says UK-based analysts MDS Transmodal. In the three-week period from December 18 to January 7, fleet capacity that moved through the vital east-west artery fell more than 60 per cent year on year from 3.3 million TEU to 1.3 million TEU, as carriers opted for safe passage around the Cape of Good Hope.During the period, HMM and Zim were the only carriers among the global top 10 to divert all capacity away from the Suez Canal, while Danish carrier Maersk - having recently announced plans once more to divert all services south of Africa following further attacks on one of its vessels, moved the most capacity through Suez.

Maersk was the first carrier to resume Red Sea on December 15 after an initial pause. But it reversed the decision following attacks on Maersk Hangzhou, leading to a swathe of diversions. This was despite the US and its allies starting naval escorts in the area. 

Maersk's 37 Suez transits made up just over 380,000 TEU across the three-week period, less than half of the journeys reported year on year.

CMA CGM and fellow European carrier Mediterranean Shipping Company, the world's largest carrier, were the second- and third-busiest through the Suez across the three weeks respectively. Again, however, overall tonnage making the crossing was down markedly year on year, with capacity moved by CMA CGM falling 56 per cent and MSC down 77 per cent.

Cosco also made a concerted effort to largely avoid the area with just 10 ships sailing through the Suez during the three-week period, compared to the 28 that made the voyage in the year ago period. Earlier this week, Cosco, China's largest shipping company, reportedly suspended Israel services in the wake of recent attacks.

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