The Italian Institute for International Political Studies published on 24 November 2024 a paper titled "Blue Economy and the Mediterranean: How the Red Sea Crisis is Shaping the Region's Maritime Future (and What Is Next)" by Mario Mattioli.
Houthi attacks on Red Sea shipping reduced transit through the Suez Canal by about 50 percent in 2023 and 70 percent in the first half of 2024. Transit around Africa's Cape of Good Hope adds 3,000 to 3,500 nautical miles to voyages connecting Europe and Asia, increasing travel time by about 10 days. This results in higher costs for fuel, wages, insurance, and freight borne by shipping companies.
