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Economy

Tanger Med: Morocco's Port Emerges Strong Amid Crisis in the Red Sea

Monday 29 January 2024 - 10:40

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As the security crisis in the Red Sea continues to disrupt global maritime transport, Morocco finds itself in an advantageous position, courtesy of its port, Tanger Med.

With the escalation of attacks by Yemen's Houthi rebels in the region, prompting numerous vessels to reroute via the Cape of Good Hope, maritime companies are seeking alternatives. Costs are soaring, with canal passage fees through the Suez Canal up by 21% and freight rates spiking by as much as 150%.

Enter Tanger Med, situated just 20 km from Ceuta, offering an ideal solution. Boasting a strategic location bridging the Atlantic and Mediterranean oceans, and the African and European continents, coupled with top-notch logistical capabilities and competitive rates, Tanger Med surged to the top spot among Mediterranean ports for container traffic in 2023, surpassing Spanish giants like Algésiras, Valencia, and Barcelona.

But this achievement might only be the beginning. With plans underway for the construction of a second port near Melilla, named Nador, Morocco aims to capitalize fully on the situation to invigorate these economic zones and bolster its role as a global maritime player.

Meanwhile, in Europe, traffic through the Suez Canal has plummeted by 45%, severely impacting key ports like Genoa, Gioia Tauro, Malta, and Piraeus. With the end of the crisis still uncertain, Morocco may have found the perfect opportunity to solidify its maritime ambitions.