AhlulBayt News Agency: The Port of “Eilat”, formerly known as Umm Al-Rashrash [Mother of Dew in Arabic] prior to the “Israeli” occupation of Palestine, is the apartheid “Israeli” entity's vital Red Sea gateway. It has officially declared bankruptcy, citing sustained financial losses and escalating security threats as the primary drivers.
This development marks a significant blow to the entity’s maritime infrastructure, exacerbated by ongoing regional conflicts and targeted operations by the Yemeni resistance movement.
Ansarullah Operations and Economic Fallout
The relentless missile operations by Ansarullah have played a crucial role in the port's financial downfall. These operations, aimed at vessels heading to the apartheid “Israeli” entity through the Red Sea, have significantly disrupted commercial shipping routes.
According to reports, the port has experienced a drastic reduction in shipping traffic, with many major shipping and oil companies suspending their voyages due to the heightened security risks.
“The port has been non-operational for eight months due to attacks, meaning it has no revenue,” Gideon Golber, the port’s CEO said as reported by Splash247, the Asian maritime and offshore news website, early this month.
In December, he told Reuters that there had been an 85% drop in activity since Ansarullah began their operations on ships in the Red Sea. He said at the time they may have to furlough workers should the crisis continue.
Financial data reveals the extent of the impact. The port's revenue has dropped by over 50% in the first half of 2024, amounting to losses exceeding $100 million.
Additionally, the costs associated with enhanced security measures have increased by approximately 30%, further straining the port's financial health.
These economic pressures have led to substantial layoffs, reducing the workforce by 40%, which has compounded operational challenges and culminated in the bankruptcy declaration. Meaning, half of the 120 employees at “Eilat” Port are at risk of losing their jobs, as reported by the “Israeli” Times of “Israel”.
Furthermore, the “Israeli” Calcalist outlet reported that in 2023, 149,000 vehicles entered “Eilat” from the east, whereas since the beginning of 2024, there have been none.
Humanitarian Crisis in Gaza
Simultaneously, the humanitarian crisis in Gaza continues to deepen amid ongoing “Israeli” military aggression. Since October 2023, following Hamas’s retaliatory Operation Al-Aqsa Flood, Gaza has been subjected to intense bombardment and a near-total blockade.
According to the Gaza Health Ministry, the conflict has resulted in the deaths of over 38,000 Palestinians, including around 17,000 children and has displaced approximately 1.9 million people.
The blockade has severely restricted the flow of essential goods, including food, medicine and fuel into Gaza.
The United Nations reports that 90% of Gazans have been displaced over the past months, highlighting the severity of the humanitarian situation.
Infrastructure destruction has further complicated efforts to deliver humanitarian aid, leaving the population in dire need.
Broader Implications and Responses
The bankruptcy of “Eilat” Port is emblematic of the broader geopolitical and economic challenges facing the region. The strategic importance of “Eilat” as the “Israeli” entity’s sole Red Sea port means that its financial instability could have far-reaching consequences for the entity’s trade and security.
The international community has expressed increasing concern over the humanitarian crisis in Gaza. Calls for an immediate ceasefire and unhindered humanitarian access have intensified, but the situation remains volatile.
The sustained military aggression by the “Israeli” entity have been widely criticized for exacerbating the suffering of the Palestinian population and contributing to the region's instability.
In response to the escalating conflict, Ansarullah has openly declared its support for the Palestinian struggle against the Zionist “Israeli” occupation, intensifying its maritime operations against “Israeli” targets.
This has compounded the operational challenges for “Eilat” Port, as ongoing missile operation deter commercial shipping activity in the region.
In conclusion, the declaration of bankruptcy by the Port of “Eilat” underscores the severe economic and security challenges stemming from the ongoing regional conflicts.
The intertwined issues of financial instability at a critical maritime hub and the humanitarian disaster in Gaza highlight the urgent need for comprehensive and peaceful solutions to address the underlying causes of these crises.
The international community’s efforts must focus on securing a lasting ceasefire, ensuring humanitarian relief and fostering stability in the region.
/129
This development marks a significant blow to the entity’s maritime infrastructure, exacerbated by ongoing regional conflicts and targeted operations by the Yemeni resistance movement.
Ansarullah Operations and Economic Fallout
The relentless missile operations by Ansarullah have played a crucial role in the port's financial downfall. These operations, aimed at vessels heading to the apartheid “Israeli” entity through the Red Sea, have significantly disrupted commercial shipping routes.
According to reports, the port has experienced a drastic reduction in shipping traffic, with many major shipping and oil companies suspending their voyages due to the heightened security risks.
“The port has been non-operational for eight months due to attacks, meaning it has no revenue,” Gideon Golber, the port’s CEO said as reported by Splash247, the Asian maritime and offshore news website, early this month.
In December, he told Reuters that there had been an 85% drop in activity since Ansarullah began their operations on ships in the Red Sea. He said at the time they may have to furlough workers should the crisis continue.
Financial data reveals the extent of the impact. The port's revenue has dropped by over 50% in the first half of 2024, amounting to losses exceeding $100 million.
Additionally, the costs associated with enhanced security measures have increased by approximately 30%, further straining the port's financial health.
These economic pressures have led to substantial layoffs, reducing the workforce by 40%, which has compounded operational challenges and culminated in the bankruptcy declaration. Meaning, half of the 120 employees at “Eilat” Port are at risk of losing their jobs, as reported by the “Israeli” Times of “Israel”.
Furthermore, the “Israeli” Calcalist outlet reported that in 2023, 149,000 vehicles entered “Eilat” from the east, whereas since the beginning of 2024, there have been none.
Humanitarian Crisis in Gaza
Simultaneously, the humanitarian crisis in Gaza continues to deepen amid ongoing “Israeli” military aggression. Since October 2023, following Hamas’s retaliatory Operation Al-Aqsa Flood, Gaza has been subjected to intense bombardment and a near-total blockade.
According to the Gaza Health Ministry, the conflict has resulted in the deaths of over 38,000 Palestinians, including around 17,000 children and has displaced approximately 1.9 million people.
The blockade has severely restricted the flow of essential goods, including food, medicine and fuel into Gaza.
The United Nations reports that 90% of Gazans have been displaced over the past months, highlighting the severity of the humanitarian situation.
Infrastructure destruction has further complicated efforts to deliver humanitarian aid, leaving the population in dire need.
Broader Implications and Responses
The bankruptcy of “Eilat” Port is emblematic of the broader geopolitical and economic challenges facing the region. The strategic importance of “Eilat” as the “Israeli” entity’s sole Red Sea port means that its financial instability could have far-reaching consequences for the entity’s trade and security.
The international community has expressed increasing concern over the humanitarian crisis in Gaza. Calls for an immediate ceasefire and unhindered humanitarian access have intensified, but the situation remains volatile.
The sustained military aggression by the “Israeli” entity have been widely criticized for exacerbating the suffering of the Palestinian population and contributing to the region's instability.
In response to the escalating conflict, Ansarullah has openly declared its support for the Palestinian struggle against the Zionist “Israeli” occupation, intensifying its maritime operations against “Israeli” targets.
This has compounded the operational challenges for “Eilat” Port, as ongoing missile operation deter commercial shipping activity in the region.
In conclusion, the declaration of bankruptcy by the Port of “Eilat” underscores the severe economic and security challenges stemming from the ongoing regional conflicts.
The intertwined issues of financial instability at a critical maritime hub and the humanitarian disaster in Gaza highlight the urgent need for comprehensive and peaceful solutions to address the underlying causes of these crises.
The international community’s efforts must focus on securing a lasting ceasefire, ensuring humanitarian relief and fostering stability in the region.
/129