Suez Canal revenue more than halved due to Houthi attacks on vessels

Egypt said its revenue from the Suez Canal shrunk by 60% as the Yemeni Houthi rebels continue targeting vessels.

“We have lost more than 50-60% of the revenue from the Suez Canal, and over the past 7-8 months, we have lost more than $6 billion,” Egyptian President Abdel Fattah el-Sissi said, warning of the repercussions of the continued and expanding war in the Middle East.

The Suez Canal is a crucial economic asset for Egypt, significantly contributing to the country’s revenue and foreign currency reserves.

Revenues from the canal are comparable to the country’s tourism receipts.

Attacks by the Houthi rebels in retaliation for the Israeli war in Gaza led many shipping companies to avoid the Red Sea route altogether.

These disruptions highlight the vulnerability of global supply chains and the significant economic impact that regional conflicts can have on international trade.