Maritime traffic remains normal despite Red Sea attacks: Suez Canal Authority

Cairo – December 18, 2023: The Suez Canal Authority (SCA) is keeping a keen eye on the current situation in the Red Sea and its potential effect on the canal’s traffic.

In an official statement on Sunday, SCA chairman Osama Rabie revealed that maritime traffic within the canal remained within normal bounds despite the attacks by Yemen’s Houthis on ships passing along the Red Sea.

On Sunday, December 17, 77 vessels crossed Egypt’s canal with a net cargo of 4 million tons.

The authority reported that 2,128 vessels have crossed the canal since November 19, with only 55 vessels having been rerouted via the Cape of Good Hope.

Four of the world’s five largest shipping companies announced that they would be pausing the journeys of their ships through the Red Sea area. Mediterranean Shipping (MSC), AP Moller-Maersk, CMA CGM, and Hapag-Lloyd released separate statements over the weekend, with Maersk and Hapag-Lloyd both announcing attacks on their respective ships that occurred on Friday, December 15th.

Handling around 10 percent of the world’s trade, the Suez Canal reported record-breaking annual revenues of $9.4 billion for FY2022/2023 with 25,887 vessels passing through the canal.

Maritime trade has been impacted by both the attacks and a record-breaking drought that has caused the Panama Canal to place restrictions on vessel crossings. Dealing with the country’s worst drought in over 70 years, the canal’s authority has reported that water levels have dropped to its lowest point since the mid-1900s. The Central American canal handles around 6 percent of global trade.