Affected by the Red Sea situation, the revenue of the Suez Canal decreased by 40% year-on-year

Osama Rabie, the head of the Suez Canal Authority, said on Thursday that compared to 2023, the US dollar revenue of the Suez Canal in Egypt decreased by 40% at the beginning of this year, after attacks by Yemeni militants on ships led to major shipping companies changing their routes.

Rabbi said that between January 1st and January 11th, ship transportation volume decreased by 30% year-on-year.

He stated that so far this year, the number of ships passing through the Suez Canal has decreased from 777 in the same period in 2023 to 544.

The Suez Canal is the main source of scarce foreign exchange in Egypt, and in recent years, authorities have been working to increase revenue, including expanding the canal in 2015. Further expansion is underway.