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Egypt suffers $7 billion loss as Suez Canal revenue drops 60% amid regional tensions

Posted on December 30, 2024 |

Egypt faces a $7 billion loss in 2024 as Suez Canal revenue drops by 60% due to shipping disruptions in the Red Sea and regional tensions.

In 2023, the canal generated $9.4 billion, accounting for 15% of Egypt’s foreign currency income.

A dredging project aimed at testing two-way vessel traffic has succeeded, which may help increase capacity and prevent future blockages like the 2021 Ever Given incident.

Only certain parts of the canal currently allow two-way traffic through a parallel waterway opened in 2015.

Houthi fighters have targeted merchant and naval ships in the Red Sea, causing most vessels to reroute around the Horn of Africa.

These rerouted ships have caused shipping rates to rise, resulting in higher profits for carriers.

By November 2024, ultra-large container ships with 18,000 TEUs or more have not crossed the Suez Canal for 40 weeks.

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