Suez Canal’s profits have witnessed a 40% decline since the start of this year.

General Osama Rabie, the President of the Suez Canal Authority, announced that the canal’s dollar earnings have dropped by 40 percent this year compared to 2023 due to Houthi attacks on ships in Yemen. As a result, ships have been forced to take alternative routes, avoiding the Suez Canal.

During a late-night television program, Rabea stated that there has been a decrease of 30 percent in ship crossings from January 1st to the 11th of the same month, compared to the previous year.

He stated that the amount of ships that have traveled through the Suez Canal this year has dropped to 544, in comparison to 777 ships during the same time frame last year.

Rabei stated that the ships which altered their direction near Cape Hope to expedite their voyage were the ones displaying a sense of urgency, whereas the remaining ships were patiently waiting for the circumstances to become stable.

After the issue is resolved, a significant amount of the merchandise will be brought back… I am of the opinion that it is crucial for the items passing through the Strait of Gibraltar to be delivered promptly, similar to shipments that need to arrive on schedule at their intended location… The Strait of Gibraltar is an unsuitable path for ships, particularly in adverse weather conditions and during the winter season.