Its revenues have decreased by 40% since the beginning of the year Suez Canal compared to the corresponding period of 2023, as the head of the authority that manages it, Osama Rabi, said yesterday Thursday (11/1), as the rebel attacks Houthi of Yemen have forced major shipping companies to now avoid this crucial sea route.
Vessel traffic decreased by 30% in the period from January 1 to 11 this year compared to the same period last yearMr. Rabi explained during a television show aired late last night.
The number of ships passing through the Suez Canal fell to 544 this time compared to 777 last year, he said.
The Suez Canal is a key source of foreign exchange for the most populous Arab country, and Cairo has been trying to increase revenue in recent years, expanding it in 2015. New expansion work is currently underway.
According to Mr. Rabi, some shipping companies in a hurry to run routes are sending their ships to circumnavigate Africa, passing the Cape of Good Hope, while others are waiting for the situation to stabilize.
Safety concerns were not overcome by rebates and other incentives offered by the Canal Authorityhe acknowledged as reported by the Athens News Agency citing Reuters.
However, he tried to appear reassuring, judging that “a very large part” of commercial ships “will return” to routes through the Suez Canal “after this issue is over”.
The head of the Canal Authority made the remarks hours before the US and Britain launched missile strikes against Houthi rebels in Yemen.
Source: News Beast
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