The Port of Eilat declared bankruptcy due to an 85% drop in activity from Houthi attacks on Red Sea shipping, seeking aid from the Israeli government.
Israel’s southern Port of Eilat declared bankruptcy due to a lack of commercial activity.
The economic impact of Houthi strikes on Red Sea shipping led to an 85% drop in volumes, prompting the port to seek financial aid from the Israeli government.
Despite a brief spike in Q4 2022, the port has seen no activity or revenue for eight months, as reported by CEO Gideon Golbert to the Knesset’s Economic Affairs Committee on July 7.
Eilat, handling mainly bulk cargoes, potash, and car imports, is much smaller than the Mediterranean ports of Ashdod and Haifa, but the Houthi attacks have significantly impacted Israeli trade.
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