Annual revenue of Suez Canal fell by two billion dollars

By Alimat Aliyeva

The Suez Canal's annual revenue fell by almost a quarter last fiscal year as some shippers switched to alternative routes to avoid Houthi attacks in the Red Sea, Azernews reports.

According to the head of the channel's administration, Osama Rabi, revenue fell from $9.4 billion in the previous year to $7.2 billion in the 2023/24 financial year.

Since November 2023, the Houthis have been attacking commercial vessels in the Red Sea and the Indian Ocean. Arabi reported that the number of vessels using the canal had decreased to 20,148, compared with 25,911 vessels passing through the canal a year earlier.

The Suez Canal is a key source of foreign currency for Egypt, and the authorities have tried to increase its revenues in recent years, including through expansion in 2015.