The business of shipping goods around the world has suffered shock after shock since 2000, culminating in the effective closure of the Red Sea and Suez Canal two years ago. Don’t say it too loud, but there’s a good chance the waterway can reopen in 2026, reducing transportation costs and easing the strain on global supply chains.
It’s hard to overstate the canal’s importance: It’s a choke point for about 15% of global trade in goods — and double that for container traffic. It’s been effectively closed since November 2023 when the Houthis, a rebel group controlling large swathes of Yemen, started attacking commercial vessels in the southern mouth of the Red Sea, sinking at least four ships, setting ablaze several others and killing several mariners.