Shipping traffic around Africa's Cape of Good Hope reached record levels in April as Middle East conflicts force vessels away from the Suez Canal. Tanker traffic peaked at 24mn deadweight tonnage in the week of April 13, marking a structural shift in global shipping routes since Houthi militants began attacking vessels in the Red Sea in 2023.

Container shipping line Hapag-Lloyd made "cautious attempts" to return to the Suez route after a Gaza ceasefire last October, but had to abandon plans following the new Iran conflict. Freight rates on the Cape route jumped from $2,500 to $3,000 per container before settling at $2,700, with the longer voyage adding at least two weeks to Asia-Europe journeys.

Ports around the Cape have seen a 21% increase in ship arrivals since February's Iran strikes, with Namibia's Walvis Bay particularly benefiting. The deep-water harbor has "thrived" according to MSC's Ian Rosario, while other African ports struggle to capitalize due to infrastructure limitations. Customers prioritize supply chain stability despite higher costs for the longer route.