By Bas van Geffen, CFA, senior macro strategist at Rabobank

Grinding to a halt

A cargo ship has grounded in the Suez Canal early this morning. Though the Xin Hai Tong 23 was re-floated relatively quickly, it certainly brings back the memory of the 2021 stranding of the Ever Given and the knock-on effects this had on global supply chains. This reminder of supply chain fragility is not just relevant for routes through the Suez Canal. The Strait of Malacca remains a key weakness to potential geopolitical tensions, and the reliability of the Panama Canal is being affected by climate change. Last month, the Panama Canal was already forced to lower the maximum depth of ships passing through, as drought hits the water levels. In other words, fewer goods can be transported at a time.

Aside from the

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