Houthis' attacks on vessels took their toll on Suez Canal's revenue
Suez Canal annual revenue dropped by almost a quarter
Egypt’s Suez Canal registered revenue of $7.2 billion in its 2023/2024 fiscal year, compared with $9.4 billion in the 2022/2023 year due to Houthis’ attacks on vessels.
Thursday 18/07/2024
Houthis' attacks on vessels took their toll on Suez Canal's revenue
CAIRO – Egypt’s Suez Canal's annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by Iran-aligned Houthis in the Red Sea.
The Suez Canal registered revenue of $7.2 billion in its 2023/2024 fiscal year, compared with $9.4 billion in the 2022/2023 year, canal authority head Osama Rabie said in a statement on Thursday.
Since November, the Houthis have been attacking commercial vessels in the Red Sea and Indian Ocean to show support for Palestinian militant group Hamas in its fight against Israel, forcing many vessels to re-route to avoid attacks.