Egypt successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway

Egypt has tested a new 10-kilometre (6.2-mile) extension to the Suez Canal as it tries to minimise the impact of currents on shipping and increase the key waterway's capacity.

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.

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.

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

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.

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.