Egyptian Crisis: Could it Spill into the Suez Canal?

Sunday, January 30, 2011

As analysts continue to try and gauge the full economic impact of the fast-evolving political and social crisis in Egypt, the concern of the shipping industry are centered on the Egypt controlled Suez Canal, a transport route for a substantial amount of the world's energy, with more than 35,000 ships passing through the Suez annually, approximately 2,700 of them tankers.
Worries regarding potential canal disruption stem in part from the the Egyptian government's cut-off Internet and mobile telephone service in the country on Friday.
Shares in tanker companies surged on Friday on fears of a Suez shutdown. If that were to happen, many ships would have to make more costly trips around the southern tip Africa to reach their destinations, yielding more revenue for the shipping interests.
(Staff and wire reports, including http://www.voanews.com)


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