Revenues of the Suez Canal have recorded a decline of more than 700 million dollars since the beginning of the unrest in the Red Sea compared to the same period of the previous year.
This came as a result of escalating tensions between the Houthis in Yemen and the United States, which led to a reduction in ship traffic, according to Bloomberg Intelligence estimates, which suggest continued losses with no signs of an end to the unrest on the horizon.
Osama Rabie, head of the Suez Canal Authority, said in previous statements earlier this month that the channel’s revenues decreased in January by about 46% year-on-year, from 804 million dollars to 428 million.
Rabie added, in televised statements, that 1,362 ships crossed the canal in January this year, compared to 2,155 ships in January 2023, a decrease of 36%, pointing out that this is the first time the Suez Canal is going through a crisis of this kind”. Rabie continued: “We have held many meetings with shipping authorities and companies to reach a way out of the crisis that the Suez Canal is going through .
