Houthi militants, in a show of support of Hamas in its war with Israel, are attacking merchant ships as they sail past Yemen en route to — or from — Egypt’s Suez Canal. About 7,200 miles to the west, the world’s other key waterway in Panama is being severely disrupted by drought. Hitting routes that handle almost 20% of trade, the issues are forcing vast detours by the global merchant fleet, driving up freight bills, and boosting the shares of shipping companies.
A year that started with smooth sailing for the global economy — vanishing supply snarls, slower inflation and fading pandemic gloom — is ending with another gathering storm as the maritime industry and retailers that rely on it confront crises in the world’s two big ocean-to-ocean canals.
The sources of their woes are very different, but similarly acute.
