Egypt said on Saturday it had successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway has plunged since Yemen's Houthi militants began attacking vessels in the Red Sea.

President says due to “regional challenges”, country lost approximately $7 billion in Suez Canal revenue, 60pc less than 2023.

Egypt's Suez Canal revenues plummeted to $4 billion in 2024 from $10.2 billion in 2023 (a 60.7 percent loss) due to the ongoing tensions in the Red Sea, Chairman of the Suez Canal Authority (SCA) Osama Rabie stated in an interview with Sada El-Balad on Saturday.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday.

Red Sea disruptions — a consequence of Houthi maritime attacks — have cost Egypt at least $7 billion in Suez Canal revenue this year, the country’s presidency said in a statement Thursday.

Suez Canal revenues have suffered an abrupt 60% decline y/y as vessel operators divert services away from the Red Sea. The post Red Sea attacks cost Egypt $7 billion in Suez Canal revenue appeared first on FreightWaves.

In November, 115 container vessels passed through the canal, a 72 percent drop from the 422 that passed through a year ago, says Project44.

Egypt successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway

Egypt lost roughly $7 billion in revenues from the Suez Canal, down about 60 per cent annually, mainly as a result of attacks by Yemen's Houthis on ships in the Red Sea, Egyptian President Abdel Fattah El-Sisi said on Thursday.