CAIRO: Egypt’s Suez Canal on Thursday reported a 23.4 per cent drop in revenues attributed to disruptions in Red Sea shipping over the past year, marked by attacks from Yemen’s Houthi rebels on Israeli-linked vessels.

The canal is a crucial source of foreign currency for Egypt, which is currently grappling with a severe financial crisis.

Since November, the Houthis have launched numerous attacks on ships in the Gulf of Aden and Red Sea.

The Iran-backed group says the attacks are aimed at vessels with links to Israel in solidarity with Palestinians in the war-torn Gaza Strip.

The attacks have forced many major shipping firms to suspend passage through the Red Sea, which usually carries about 10pc of global trade, and divert their vessels thousands of miles around Africa.

The canal recorded “during the financial year 2023/24 the passage of 20,148 ships, generating revenues of $7.2 billion, compared with 25,911 ships during the financial year 2022/23, with revenues of $9.4 billion,” the Suez Canal Authority said in a statement.

The financial year in Egypt runs from the beginning of July to the end of June of the following year.

Published in Dawn, July 19th, 2024

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...