In November, 115 container vessels passed through the canal, a 72 percent drop from the 422 that passed through a year ago, says Project44.

Suez Canal revenues have suffered an abrupt 60% decline y/y as vessel operators divert services away from the Red Sea. The post Suez Canal revenue down 60%, but Red Sea outlook may be changing appeared first on FreightWaves.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday. Egypt lost more than 60% of the canal's revenues in 2024 compared with 2023,

Red Sea disruptions — a consequence of Houthi maritime attacks — have cost Egypt at least $7 billion in Suez Canal revenue this year, the country’s presidency said in a statement Thursday.

Egypt's revenues from the Suez Canal fell by more than 60 percent in 2024 compared to the previous year amid the Red Sea tensions, resulting in a loss of nearly $7 billion, a presidential statement said on Thursday.

Diverting shipping away from the Suez Canal cost Egypt nearly $7bn this year as revenues dropped by 60% year over year. The figures emerged following a meeting on Thursday between Egyptian president Abdel Fattah El-Sisi and the chairman and managing director of the Suez Canal Authority, Admiral Ossama Rabiee.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday.