The Suez Canal is the shortest sea route between Asia and Europe, and the canal will generate approximately $10.25 billion in revenue by 2023.
More and more shipping companies are abandoning ship traffic in the Red Sea, which has almost split profits with the Suez Canal, Bloomberg reports.
The Suez Canal is the shortest sea route between Asia and Europe. It is also the most important source of foreign currency for Egypt, with the canal bringing in about $10.25 billion in 2023.
Last month, the channel’s revenue in Egypt was about $428 million, compared to $804 million in the same period in 2023.
According to the head of the Suez Canal Authority, Osama Rabie, the number of ships passing through the canal decreased by 36%.
The Suez Canal crisis could further shake Egypt’s recently battered economy, with pressure from the war between Israel and the Hamas group curtailing tourism.
Let’s recall that the attack on a Trafigura tanker carrying Russian oil on January 26 called into question the safety of most legal shipping in the Red Sea. The price of oil has increased by 2 dollars.
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Source: korrespondent
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.