Suez Canal revenues decline by 40% in 2024 in the same period in 2023 due to Houthi attacks and diversion of ships
Admiral Osama Mounier Mohamed Rabie, Chairman of the Suez Canal Authority, confirmed that the canal’s revenues in dollars have decreased by 40% since the beginning of 2024 compared to the same period in 2023, as a result of the Houthi attacks in Yemen on ships, which led to changing the route of their flights away from this corridor.
Admiral Rabie pointed out that ship transit traffic declined by 30% in the period from January 1 to the 11 of the same months on an annual basis.
He explained that the number of ships crossing the Suez Canal has decreased to 544 ships so far this year, compared to 777 ships in the same period last year.
Admiral Rabie explained that the ships whose course was diverted around the Cape of Good Hope are the ones forced to complete their journeys quickly, while other ships are waiting for the situation to stabilize before resuming their journeys through the Suez Canal.
