Due to Red Sea security challenges: Egypt's Suez Canal revenues drop to $7.2B

CAIRO – 18 July 2024: Chairman of the Suez Canal Authority Osama Rabie stated, in a meeting with Commander of CENTCOM Michael Kurilla, that the security challenges in the Red Sea incurred a 20-percent drop in the number of vessels crossing the international waterway from 25,911 in FY2022/2023 to 20,148 in FY2023/2024.

The total weight of shipments fell by one third from 1.5 billion tons to one billion tons. As for the revenues, they plummeted by around a quarter from $9.4 billion to $7.2 billion.

Admiral Rabie underscored to the CENTCOM commander that the current crisis had proved that there was no equal alternative to the Suez Canal, as the other options involve longer durations, more costs, and higher carbon emissions. He added that the Red Sea situation had not just badly influenced the Suez Canal but also global trade and maritime transportation.