Suez Canal profits have nearly halved due to attacks by the Iran-backed Houthis.
.in_text_content_22 { width: 300px; height: 600px; } @media(min-width: 600px) { .in_text_content_22 { width: 580px; height: 400px; } }
Bloomberg writes about this.
Last month, the channel’s revenue in Egypt was approximately $428 million. compared to 804 million for the same period in 2023.
The number of ships plying the canal fell by 36%.
The Suez Canal, the shortest sea route between Asia and Europe, is an important source of foreign currency for Egypt, receiving about $10.25 billion. in 2023.
Before the violence, which forced companies such as A.P. Moller-Maersk A/S and Hapag-Lloyd AG to change logistics, the country was working to expand the waterway.
This is the first time that the Suez Canal has fallen into such a crisis, said Osama Rabi, chairman of the canal’s board. — Previously, we recorded every month better than the previous one and every year better than the previous ones.
The fall is the latest headache for the North African country, which was already grappling with its worst economic crisis in decades before the Israeli-Hamas war broke out in October and threatened to derail trade and tourism.
Iran-backed Houthi militias in Yemen, who began attacking merchant shipping in response to the Gaza conflict, have not eased pressure even after the US and its allies launched airstrikes on January 12.
Oil prices rose to their highest level two months after a new Houthi attack on a tanker.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.