Suez Canal revenues drop as shippers stay away amid Houthi attacks

0
6KB

Waterway is a crucial source of foreign currency for Cairo, but shipping firms have been taking alternative routes since Iran-backed rebels started attacks in solidarity with Hamas

 

The Suez Canal’s annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by the Iran-backed Houthis in the Red Sea and Gulf of Aden.

Osama Rabie, the head of the Egyptian canal’s authority said on Thursday revenues fell to $7.2 billion in its 2023-24 financial year from $9.4 billion the year before.

Since November, the Houthis have been attacking commercial vessels in the Red Sea and Indian Ocean to show support for Hamas in the war with Israel started by the Palestinian terror group’s October 7 onslaught.

 

The attacks have forced many major shipping firms to suspend passage through the Red Sea, which usually carries about 10 percent of global trade, and divert their vessels thousands of miles around Africa.

Rabie said the number of ships using the canal fell to 20,148 in 2023-24 from 25,911 the year before. The financial year in Egypt runs from the beginning of July to the end of June of the following year.

The Suez Canal is a key source of foreign currency for Egypt, and authorities have been trying to boost its revenues in recent years, including via an expansion in 2015.

 

 

***

 

 

Like
1
Suche
Kategorien
Mehr lesen
Cloak & Dagger
What is known about exacerbated tensions along India-Pakistan border
The Pakistani military has once again opened fire along the Line of Control in several districts...
Von NavyVetUnited 2025-05-04 08:39:26 0 2KB
Real Time Facts
Syria: Rebel offensive on Aleppo intensifies, resulting in 130 deaths
In one of the most severe outbreaks of violence in recent years, rebel forces in Syria have...
Von NavyVetUnited 2024-11-28 19:31:51 0 4KB
Andere
The Holocaust Remembrance Day statement by The Chief of the General Staff, LTG. Herzi Halevi
"While we fight our just war, let this memory be the source of our strength, and a reminder of...
Von Israel Swords of Iron Ops 2024-05-05 06:16:05 0 5KB
Real Time Facts
President Trump declares Feb. 9 'Gulf of America Day'
President Trump: "Today, I am very honored to recognize February 9, 2025, as the first ever Gulf...
Von Potus 45-47th - President Donald J. TRUMP 2025-02-10 07:32:36 0 3KB
Real Time Facts
Closing the Strait of Hormuz by Iran will be a huge threat, says Kallas
The closure of the Strait of Hormuz by Iran will be a huge threat, so the EU foreign ministers...
Von Israel Swords of Iron Ops 2025-06-23 09:54:55 0 2KB
X-Pulse, the HO1 Think Tank https://thinktank.x-pulse.org/