THE shipping volume through the Suez Canal was down by two-thirds in April year on year, according to the International Monetary Fund (IMF), reports Istanbul's YeniSafak.

Following October Gazan war, Yemen's Houthi forces group began attacking ships with business with Israel.

Attacks on commercial vessels in the Red Sea forced logistics firms to use alternative routes, raising shipping rates and delaying deliveries.

According to the IMF's platform Portwatch, in cooperation with Oxford University, shipping volume almost doubled around the Cape of Good Hope, the most important alternatives.

Portwatch said the issue affects many economies in the Middle East, Europe, Asia and Africa.

The Red Sea shipping lane is important for oil exports from the Middle East to Europe and from Russia to Asia.