Canary Islands Emerge as Key Hubs Amid Red Sea Crisis

Strategic Shift in Maritime Routes Amplifies Importance of Canary Islands Ports

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In the midst of the enduring military crisis in the Red Sea, attacks on merchant vessels off the coast of Yemen persist, despite the establishment of a military apparatus aimed at safeguarding traffic in the region.

Approximately 35,000 vessels annually navigate through this pivotal area for international trade, now compelled to evade hostilities by opting for longer and more expensive routes, circumnavigating Africa via the Cape of Good Hope.

These diversions not only entail increased fuel consumption but also necessitate a reevaluation of bunkering operations previously employed in the traffic linking Asia, the Mediterranean, Northern Europe, and the American Atlantic coastline.

Consequently, an analysis by S&P Global Commodity Insights indicates a rising demand for fuel along the entire African coast and the Persian Gulf. The report particularly highlights that these operations appear to be concentrating in Canary Islands’ ports, as well as in Durban, Port Louis, Salalah, and Fujairah.

Simultaneously, the surge in fuel demand at these ports is poised to lead to a spike in prices, especially if some of them are ill-equipped to handle the increased service requirements in this new scenario. The ramifications of this ongoing crisis are not confined to regional security concerns but extend to the intricate web of global maritime trade, necessitating strategic adaptations in shipping operations and resource supply chains.

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