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Red Sea crisis sparks 40% decline in Suez Canal revenue
Posted on January 22, 2024 |
Revenues for Egypt's Suez Canal fell by 40% from the beginning of this year compared to the same period in 2023.
Ship traffic through the canal has seen a noticeable 30% reduction during this time compared to the corresponding period in the previous year.
The number of vessels passing through the canal dropped to 544 this year, down from 777 in the same period last year.
These declines are a result of Houthi attacks on ships in the Red Sea, leading major shippers to take alternative routes.