Annual Revenue Of Suez Canal Fell By Two Billion Dollars
Date
7/19/2024 3:11:41 PM
(MENAFN- AzerNews)
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.
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