Transportation
Egypt’s Canal Receipts Fall by Almost Half After Red Sea Attacks
A container ship sails southbound to exit the Suez Canal in Suez, Egypt.
Source: Stringer/Bloomberg
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Egypt’s Suez Canal revenue plunged by almost half in January, a top official said, after attacks by Yemeni militants on Red Sea vessels forced major shipping firms to avoid the waterway.
Income was about $428 million last month, compared with $804 million for the same period in 2023, Suez Canal Authority chief Osama Rabie told an Egyptian TV talk-show on Friday evening. The number of ships navigating the canal fell 36%, he said.