With the escalation of the conflict in our Arab region, after the Israeli aggression on the Gaza Strip and its extension to Lebanon and the strike on Iran and the threat of more strikes, fears have increased that the aggravation of the crisis in the Middle East region will lead to the closure of the Strait of Hormuz between the Arabian Gulf and the Gulf of Oman, through which about 20 million barrels pass. of oil daily in addition to large quantities of natural gas.
This prompted a search for the most important waterways that control global trade. Below are the 7 most prominent waterways through which about 65.5% of the volume of global water trade passes:
1) Strait of Malacca:
- The Strait of Malacca connects the Pacific and Indian Oceans, and is considered the most important commercial waterway in the world, controlling 23.7% of the total volume of global maritime trade.
- The major Asian economies, especially the Chinese economy, depend on it for the passage of various goods.
- The strait extends over a distance of 805 kilometers and constitutes a strategic crossing point between East and West Asia.
- The Strait is a vital route for transporting oil, as about 15 million barrels pass through it daily.
2) Suez Canal:
- The Egyptian Suez Canal connects the Red Sea and the Mediterranean Sea, thus contributing to facilitating trade between Asia and Europe.
- 12% of the total volume of global maritime trade passes through it, and approximately 20,000 ships pass through it annually.
- It was opened in 1869, and extends over a distance of 193 km.
- Canal revenues in the fiscal year 2023-2024 reached $7.2 billion, according to the Suez Canal Authority.
3) Strait of Hormuz:
- The Strait of Hormuz connects the Arabian Gulf to the Gulf of Oman and then the Indian Ocean.
- 11.1% of the total global maritime trade passes through it.
- About 20 million barrels of oil pass through the strait daily, making it one of the most important shipping points in the world.
- The Strait is the main corridor for oil and gas heading from the region to global markets.
Therefore, any disruption in shipping movement through the Strait of Hormuz due to geopolitical tensions could have a significant impact on global oil prices, especially in light of the challenges facing the region that suffers from regional conflicts, which increases its importance.
4) Bab al-Mandab Strait:
- It is a strategic point linking the Red Sea and the Gulf of Aden, and is considered one of the most important sea lanes in the world.
- The strait extends over a distance of about 30 kilometers and constitutes a vital crossing for trade between Europe and Asia.
- This corridor is important for global trade, as about 10% of global maritime trade passes through the strait, including oil exports from the Arabian Gulf to global markets.
- About 4.8 million barrels of oil pass through it daily.
- About 10,000 ships pass through it annually, including about 4,000 oil ships.
- The strait faces major security challenges due to the conflicts in Yemen and Somalia, which increases the risk of disrupting ship movement.
5) Danish fjords:
- These are the straits that connect the Baltic Sea to the North Sea through the Kattegat and Skagerrak.
- 3.9% of the total global maritime trade passes through it.
6) Bosphorus Strait:
- A narrow strait connects the Black Sea and the Sea of Marmara.
- It passes through the city of Istanbul in Türkiye, and extends over a distance of about 30 kilometers and forms a natural border between the continent of Asia and the continent of Europe.
- It is a major corridor for energy exports from Russia and Central Asia.
- 3.1% of the total global maritime trade passes through it.
- The economic importance of the Strait lies in the fact that it is a major transit point for oil and gas exports from the Caspian Sea, as about 3 million barrels of oil pass through it daily.
- The Strait is also considered a vital hub for trade between the countries bordering the Black Sea and the Mediterranean countries, and the number of ships passing through it exceeds 40,000 annually, making it one of the busiest waterways in the world.
7) Panama Canal:
- The Panama Canal is the smallest of the waterways, linking the Atlantic and Pacific oceans.
- It controls 3% of the total global maritime trade.
- Opened in 1914, the canal extends about 82 kilometers and allows ships to avoid the long journey around South America.
- 14,000 ships pass through the canal annually.
- It generates revenues of about $4 billion a year, according to the Panama Canal Authority.
Last year, goods amounting to 6.5 billion tons, worth more than $8 trillion, passed through these seven water crossings. Of various types of goods, including food, clothes, shoes, screens, furniture, steel bars, oil and natural gas.
These corridors play a crucial role in reducing shipping time and costs, directly impacting the flow of global trade and market access.
