Revenues from Egypt’s Suez Canal have plunged to USD 7.2 billion (EGP 347.4 billion) for the fiscal year 2023/2024, down from USD 9.4 billion (EGP 453.5 billion) in the previous year, amid escalating tensions in the Red Sea, announced Osama Rabie, Chairman of the Suez Canal Authority (SCA), during a meeting with on Thursday. Rabie revealed that 20,148 ships, transporting a net of one billion tons, traversed the canal in FY 2023/2024, which ended on 30 June. This is a significant decrease from the 25,911 ships, carrying 1.5 billion tons, recorded in FY 2022/2023. Rabie attributed the decline to security challenges in the Red Sea, which have driven many ship owners and operators to seek alternative routes. This was emphasized during his discussion with Michael Corella, Commander of the United States Central Command, at the SCA headquarters in Ismailia. The tensions have escalated due to recurrent attacks by the Houthis on vessels associated with Israel, the US, and the UK near the critical Bab El-Mandeb Strait. The Houthis, who control much of Yemen but lack international recognition, claim these attacks aim to pressure Israel to cease its conflict in the…
