Shipping activity through the Suez Canal increased by 7.9% year over year in January, driven by a 16.0% rise in tanker crossings after energy prices recovered. While the number of container ships fell there was a 7.2% rise in average vessel size which ensured the tonnage crossing the canal improved. Suez’s growth outpaced that seen through the Panama Canal which saw a 2.1% rise in the number of shipments. Both remain exposed to a potential slowdown in global trade though depending on the outcome of the U.S.-China trade talks.