Since merchant ships in the Red Sea have been repeatedly attacked by the Yemeni Houthi militia, demonstrating their support for the militant Palestinian Hamas in their fight against Israel, the number of ship passages has fallen from 25,911 in the 2022/2023 financial year to 20,148 in 2023/2024, according to the head of the Egyptian canal authority.
Building of the Suez Canal Authority (SCA) in Port Said. Photo: Abdelrhman-1990 - CC BY 3.0
In the Suez Canal. Photo: SCA
The Suez Canal's annual revenue fell by over 23 per cent from 8.55 billion euros to 6.55 billion euros in the last financial year, which ends in June, as various shipping companies and shippers switched to alternative routes.
In addition to tourism, the Suez Canal is an indispensable source of income for Egypt.
Source: gCaptain
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