Close multiple ports! What is the impact of the Israeli-Palestinian conflict on international shipping?
Since the outbreak of a new round of military conflict between Israel and Palestine on October 7th, the conflict has so far resulted in over 2800 deaths on both sides.
At the same time, the border situation between Lebanon and Israel is becoming increasingly tense, and both sides are rapidly strengthening their military presence in the border area. Both sides are increasing their troops to the Israeli Lebanese border. The situation seems to be trending towards intensification. Due to its impact, important ports in Israel have also been closed, casting a shadow over the market outlook.
Recently, Hainan West Asia Group learned that since the attack on towns near Gaza last Saturday, the activity of Israeli ports has been slowing down, and the cost of insurance for Israeli goods has skyrocketed.
Israel has 9 ports, including 4 main ports, namely Ashdod Port, Ashkelon Port, Haifa Port, and Tel Aviv Port.
Among them, the location of the temporarily closed Ashkelon Port is extremely important, and it is the famous "Cross Israel Oil Pipeline".
In addition, Haifa Port, Israel's largest port, is still operating normally. But shipping and maritime safety companies are reviewing their operations in Israel.
At present, the impact on global transportation routes outside of Israel is not significant. But this situation also precisely demonstrates the fragility of international trade and shipping business in geopolitical events and conflicts.