Egypt said on Saturday it had successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway has plunged since Yemen's Houthi militants began attacking vessels in the Red Sea.

Suez Canal revenues have suffered an abrupt 60% decline y/y as vessel operators divert services away from the Red Sea. The post Red Sea attacks cost Egypt $7 billion in Suez Canal revenue appeared first on FreightWaves.

Egypt’s Suez Canal has seen its revenues nosedive by more than 60 percent in 2024 compared to the previous year, amounting to a staggering $7 billion loss, according to a statement released on Thursday.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday.

Egypt has tested a new 10 km section near the Suez Canal's southern end, aiming to increase the canal's capacity. Despite this, revenue from the canal has significantly decreased due to attacks by Yemen's Houthi militants on vessels in the Red Sea,

In November, 115 container vessels passed through the canal, a 72 percent drop from the 422 that passed through a year ago, says Project44.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday. Egypt lost more than 60% of the canal's revenues in 2024 compared with 2023,

Egypt lost roughly $7 billion in revenues from the Suez Canal, down about 60 per cent annually, mainly as a result of attacks by Yemen's Houthis on ships in the Red Sea, Egyptian President Abdel Fattah El-Sisi said on Thursday.