Hoffmann, who heads the trade logistics branch at Geneva-based UNCTAD, told a video press conference with U.N. reporters that the Houthi attacks are taking place at a time when other major trade routes are under strain.The nearly two-year war since Russia’s Feb. 24, 2022 invasion of Ukraine and other geopolitical tensions have reshaped oil and grain trade routes including through the Black Sea, he said.Compounding difficulties for shipping companies, Hoffmann said, severe drought has dropped water levels in the Panama Canal to their lowest point in decades, severely reducing the number and size of vessels that can transit through it.Total transits through the Panama Canal in December were 36% lower than a year ago, and 62% lower than two years ago, Hoffmann said.Ships carry around 80% of the goods in world trade, and the percentage is even higher for developing countries, he said.
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