Israeli media highlighted on Wednesday the significant financial setbacks faced by the Ashdod port due to the ongoing Israeli war on the Gaza Strip.

The port’s financial report reveals a striking reversal: it concluded the first half of this year with a loss of approximately 27 million shekels ($7.26 million), a sharp downfall from the 71.2 million shekels in profits recorded during the same period in 2023. Furthermore, revenues dropped to about 461.4 million shekels, down from 535.3 million shekels the previous year.

The port reported an operating loss of approximately 60 million shekels, a stark contrast to the operating profit of around 58 million shekels achieved in the first half of 2023. Financing revenues dropped to 6.8 million shekels, down significantly from approximately 25.4 million shekels in the previous year.

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In the second quarter of this year, the Ashdod port reported a loss of about 20 million shekels, a sharp decline from the 30.8 million shekels in profits recorded in the same quarter of 2023. Revenues also fell to 247.3 million shekels, down from approximately 261.2 million shekels in the second quarter of last year. The port reported an operating loss of 28.2 million shekels, a significant decline from the operating profit of approximately 13.35 million shekels recorded last year.

According to Israeli media, port officials announced that "as of May 2024, models of vehicles manufactured in Turkey will no longer be imported into Israel. Additionally, vehicles that were already loaded in Turkey have been put on hold, with the majority being rerouted to the port of Gioia Tauro in Italy."

It is noteworthy that Israeli ports have been impacted by attacks on Israeli ships or vessels en route to the region by Yemeni forces. These incidents have caused shipping delays, as affected ships have been forced to reroute around the African continent via the Cape of Good Hope.

Israeli stocks plunge 

Earlier this month, Israeli stocks plunged the most since October due to fears of potential retaliation from Iran and the Axis of Resistance, coupled with broader global market unease, according to a Bloomberg report. The TA-35 Index dropped by up to 3.1% and was down 2.6% as of 10:24 am in Tel Aviv. This decline follows a 3.3% decrease last week, bringing the index to its lowest point since February.

Meanwhile, Israeli media reported last month on July 11 that the Eilat port has gone bankrupt following an 85% decline in activity due to Yemeni attacks on ships in the Red Sea, forcing port officials to seek help from the Israeli government.

The port has been subjected to frequent missile and drone attacks, originating not just from Yemen but also from Iraq and Bahrain in solidarity with Gaza amid the ongoing Israeli genocide. These attacks have resulted in substantial economic losses for the port.

Consequently, major shipping companies have suspended their shipments to Eilat, particularly those destined for "Israel", thereby halting their maritime operations in the Red Sea region.