According to the head of the Authority that manages the Canal, ship traffic decreased by 30% in the period from January 1 to 11 this year compared to the same period last year.
The revenue of the Suez Canal (Egypt), expressed in dollars, has fallen by 40% since the beginning of the year compared to the corresponding period in 2023, Osama Raby, the head of the authority that manages it, said on Thursday, as the attacks of Yemen’s Houthi rebels have forced major shipping companies to now avoid this crucial sea route.
Vessel traffic was down 30% in the period from January 1 to 11 this year compared to the same period last year, Mr Raby explained during a televised broadcast late last night.
The number of ships passing through the Suez Canal fell to 544 this time compared to 777 last year, he said.
The Suez Canal is a key source of foreign exchange for the most populous Arab country, and Cairo has been trying to increase revenue in recent years, expanding it in 2015. New expansion work is currently underway.
According to Mr. Rabi, some shipping lines in a hurry to run routes are sending their ships to circumnavigate Africa, passing the Cape of Good Hope, while others are waiting for the situation to stabilize.
Safety concerns were not overcome by rebates and other incentives offered by the Canal Authority, he acknowledged.
However, he tried to appear reassuring, judging that “a very large part” of commercial ships “will return” to routes through the Suez Canal “after this issue is over”.
The head of the Canal Authority made the remarks hours before the US and Britain launched missile strikes against Houthi rebels in Yemen.
Source :Skai
With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
