Suez Canal’s revenues plunge by 40% YoY in 11 days

Reuters Images/Mohamed Abd El Ghany

Transiting vessels through the canal dropped by 30%, or 544 vessels from 777 in the same period a year earlier

Staff Writer, Arab Finance

January 14, 2024

PHOTO

The Suez Canal's revenues declined by around 40% in the first 11 days of 2024, Asharq Business reported, citing the Suez Canal Authority’s (SCA) Chairman Osama Rabie.

Transiting vessels through the canal dropped by 30%, or 544 vessels from 777 in the same period a year earlier.

Eight of the world's top 10 shipping companies have halted the passage of their vessels through the Red Sea due to attacks by the Houthi group, despite the longer and costlier route through the Cape of Good Hope.

The Suez Canal, one of the shortest maritime shipping routes between Europe and Asia, represents a crucial source of foreign currency for Egypt.

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