/Reuters Agency
Egypt’s Suez Canal revenues increased by 14.2% year-on-year between July and October, according to the Suez Canal Authority (SCA), citing calmer conditions in the Red Sea following a ceasefire in Gaza and a rebound in traffic through the waterway.
Iran-aligned Houthis from Yemen launched more than 100 attacks on vessels in the Red Sea, the Gulf of Aden, and the Bab al-Mandab Strait during 2023 and 2024, in what they described as solidarity with the Palestinians in the face of Israel’s war in Gaza, leading many carriers to opt for alternative routes to the Egyptian one.
The Chairman of the SCA, Osama Rabie, reported that 229 vessels returned to transit the canal in October, the highest monthly figure since the start of the regional crisis, adding that traffic volumes and tonnage have shown a “relative improvement” in recent months.
Between July and October, 4,405 vessels carrying 185 million metric tons passed through the waterway, compared to 4,332 vessels that moved 167.6 million tons in the same period last year, according to Rabie’s statement to Reuters during a meeting with representatives from 20 major shipping lines in Ismailia.
The SCA Chairman invited global shipping lines to conduct trial voyages through the waterway, highlighting Egypt’s efforts to restore confidence among maritime operators after months of disruptions in the Red Sea and Bab al-Mandab region.
CMA CGM has already resumed crossings with two large container ships, while other operators, including Mediterranean Shipping Company (MSC), Evergreen, and Cosco Shipping Lines, indicated they are considering expanding their activity through the canal as conditions stabilize.
The Suez Canal, the fastest shipping route between Europe and Asia, remains a key source of foreign currency for Egypt, which has faced financial strains due to regional instability and a decrease in transit traffic earlier this year.
