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Saudi Arabia bypasses the “Two Gorges” export crude oil route; sea freight time increases by 1 month

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Golden Finance reports that on July 24, according to CCTV, due to disruptions to shipping along the two major international energy transportation routes—the Strait of Hormuz and the Strait of Mandeb—caused by the fighting in the Middle East, the oil-producing country Saudi Arabia is currently forced to reroute and export oil via Egypt’s Suez Canal, sailing around Africa. The detour will add about one month to transportation time, and transportation costs will double accordingly. Based on data from international market services firm Kpler and shipping research company Drewry of the London Stock Exchange Group, an oil tanker traveling from Saudi Arabia’s western Red Sea port of Yanbu, through the Mandeb Strait to Asia, usually takes only 19 days. The route via the Suez Canal, the Mediterranean Sea, and the Strait of Gibraltar, then around Africa via the Cape of Good Hope to Asia, takes 48 days. According to calculations, on the detour route, fuel costs alone increase from $1.26 million to about $2.87 million, and an additional $1 million in Suez Canal tolls is required.
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