SeaIntel: Higher oil prices a boon to Suez
When the oil price was at its lowest, it paid off for many carriers to once again sail south of Africa instead of using the Suez Canal. According to SeaIntel, this has changed as the oil price has increased.
There is no longer a major profit to be made by sailing south of Africa rather than using the Suez Canal as the oil price is again increasing, notes SeaIntel in an analysis.
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