Investment Rating - The report assesses the Suez Canal and the Strait of Bab el-Mandeb as Category 4 chokepoints, indicating significant constraints but still operational [2][21]. Core Insights - The Suez Canal is currently experiencing container vessel operations at 90% below normal levels, with total vessel transits at 60% below normal, impacting approximately 7% of global container vessel capacity [2][21]. - Geopolitical risks are heightened due to US trade policy, with the US government investigating constraints at seven international maritime chokepoints [1][10]. - The report aims to publish a Global Trade Chokepoint Monitor quarterly to track geopolitical developments and assess disruption risks [2][10]. Summary by Sections Global Trade Chokepoint Monitor - The Suez Canal and the Strait of Bab el-Mandeb are highlighted as key chokepoints, with the former affecting 12% of global trade volume and the latter impacting 30% of global containerized trade [7][21]. - The report indicates that the Northern Sea Passage is emerging as a key chokepoint due to geopolitical tensions, despite limited current shipping usage [2][7]. Disruption Assessment - The Suez Canal and Bab el-Mandeb are categorized as experiencing significant constraints due to geopolitical developments, particularly Houthi rebel attacks [2][21]. - Other major transit areas, such as the Panama Canal, are operating normally, with no environmental constraints reported this year [2][21]. Regional Insights - In the Americas, the Panama Canal represents 5% of global containerized trade and has recovered from previous environmental constraints [54]. - In Asia Pacific, the Strait of Malacca and the Strait of Taiwan are under heightened geopolitical scrutiny, with both showing normal operations but potential risks [59][58].