Suez Canal revenues have suffered an abrupt 60% decline y/y as vessel operators divert services away from the Red Sea. The post Suez Canal revenue down 60%, but Red Sea outlook may be changing 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.

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.

Egyptian President Abdel Fattah al-Sisi announced on Thursday that regional challenges are expected to cost Egypt approximately $7 billion in lost revenues from the Suez Canal in 2024. This represents a more than 60% drop in the canal's revenues compared to the previous year,

Diverting shipping away from the Suez Canal cost Egypt nearly $7bn this year as revenues dropped by 60% year over year. The figures emerged following a meeting on Thursday between Egyptian president Abdel Fattah El-Sisi and the chairman and managing director of the Suez Canal Authority, Admiral Ossama Rabiee.

Egypt's revenues from the Suez Canal fell by more than 60 percent in 2024 compared to the previous year amid the Red Sea tensions, resulting in a loss of nearly $7 billion, a presidential statement said on Thursday.

President Abdel Fattah El-Sisi was briefed about the measures taken by the Suez Canal Authority (SCA) to address the challenges arising from the situation in the Red Sea and Bab Al-Mandab Strait as he met with SCA’s Chairman Osama Rabie on Thursday.

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. Egypt lost more than 60% of the canal's revenues in 2024 compared with 2023,