Cairo, Egypt – Egypt Saturday said that navigation movement in the canal is regular from both directions, Chairman of the Suez Canal Authority Lieutenant General Osama Rabie denied allegations of any temporary suspension of navigation due to the situation in the Bab al-Mandab.
In a statement, the Chairman of the authority explained that Suez Canal provides its navigation services normally, as the navigation movement in the canal, is expected to witness the crossing of 44 ships from both directions, with a total cargo of 2.3 million tonnes.
Rabie stressed the Suez Canal Authority’s keenness to open direct channels of communication with companies and shipping lines and joint coordination for the interest of serving the shipping community and ensuring the sustainability of global supply chains.
Dollar revenues from Egypt’s Suez Canal have experienced a 40 percent decline since the beginning of the year compared to 2023, according to earlier statements from Rabie. The drop is attributed to attacks on ships by Yemen’s Houthis, leading major shippers to reroute away from the canal.
Rabie revealed on a late-night talk show that ship traffic has decreased by 30% between January 1 and January 11 compared to the same period in the previous year. The number of vessels transiting the Suez Canal has fallen from 777 in 2023 to 544 in the corresponding timeframe this year.
The Suez Canal is a crucial source of foreign currency for Egypt, and efforts have been made to boost revenues, including the ongoing expansion of the canal. However, the recent attacks by Yemen’s Houthis in support of Hamas have prompted many commercial shippers to redirect their vessels to alternative routes.
To address security concerns, the United States announced a new international mission to patrol the Red Sea and deter attacks. Rabie noted that some ships, particularly those with urgent journeys, have diverted around the Cape of Good Hope, while others are waiting for the situation to stabilize.
Despite the decline, Rabie expressed confidence that a significant portion of goods would return to the Suez Canal once the security situation improves, emphasizing that discounts and incentives offered by the Canal couldn’t overcome the current security concerns posed by Houthi attacks.