Suez Canal Revenues Plummet Amid Red Sea Tensions
In 2024, the Suez Canal experienced a dramatic 60 percent revenue decline, resulting in a $7 billion loss. This downturn is primarily attributed to Houthi attacks on Red Sea shipping, prompting rerouting around the Cape of Good Hope and disrupting global trade. These attacks, in response to the Israeli-Gaza conflict, have severely impacted Egypt’s already fragile economy, which is grappling with inflation, currency devaluation, and political instability. The economic crisis further exacerbates Egypt’s existing political tensions and human rights concerns.
John Q. Hosedrinker