The revenues of the Suez Canal fell in half due to the crisis in the Red Sea
5.02.2024 - 09:49
Due to the crisis in the Red Sea, caused by Yemeni Houthi attacks on civilian vessels, the income of the Suez Canal has almost halved.
Egypt’s revenue from the Suez Canal nearly halved in January as Houthi attacks forced major shipping companies to avoid the waterway, Bloomberg reports.
Last month, revenue was about $428 million, compared to $804 million for the same period in 2023. The number of ships passing through the canal decreased by 36%.
The Suez Canal, the shortest sea route between Asia and Europe, is an important source of foreign exchange for Egypt. In 2023, the shipping lane brought in about $10.25 billion.
Earlier, USM reported that the French carrier CMA CGM has suspended transit through the Red Sea indefinitely due to the danger in the region.
It will be recalled that at the beginning of January, Maersk suspended shipping on the key sea route of the Red Sea “until further notice”.
Due to the danger in the region, the oil and gas giant Shell also suspended all deliveries via the Red Sea.
Read also: Shipping is under threat: the Red Sea crisis is changing maritime transportation
