Sea News – International Service – The Port of Eilat has declared bankruptcy due to an 85% reduction in activities resulting from Houthi attacks on ships in the Red Sea, seeking assistance from the Israeli government.
Israel’s southern Port of Eilat declared bankruptcy due to a sharp decline in commercial activities and revenues. This port, which handles bulk cargo and car imports, has faced significant economic challenges in recent months.
CEO of the Port of Eilat, Gideon Golbert, announced during the Economic Affairs Committee session of the Knesset held on July 7 that the port had no activity or income over the past eight months. He noted that despite a brief increase in the fourth quarter of 2022, commercial activities at the port have completely halted.
Impact of Yemeni Houthi Attacks
Houthi forces’ attacks on commercial ships in the Red Sea have significantly reduced trade volume through this port by 85%. This considerable decrease in trade volume has compelled the Port of Eilat to seek financial assistance from the Israeli government.
Although smaller compared to Mediterranean ports such as Ashdod and Haifa, the Port of Eilat plays a vital role in handling bulk cargo and car imports. Now, due to severe reductions in activities and revenues, it faces a serious crisis.
Source: WorldCargoNews
