Suez Canal Revenues
He stated that regional challenges over the past two years have led to a loss of approximately $9 billion in Suez Canal revenues. So, President Sisi called for examining the experiences of countries that have faced similarly difficult circumstances and succeeded in overcoming them through determination, hard work, and perseverance, ultimately achieving meaningful change in the lives of their people.
Rabie noted that a total of $39.919 billion is the value of the Suez Canal revenues over the period between 2019 and 2024 as the revenues have been negatively impacted by several crises like the Covid-19 pandemic, the grounding of the Ever Given Ship in the canal, and the ongoing tensions in the Red Sea and Bab al-Mandeb.
Egypt's foreign minister highlighted the significant losses incurred by the Egyptian economy due to declining revenues from the Suez Canal and ongoing regional instability.
Mubarak explained that the Suez Canal, a major source of foreign currency for Egypt, used to generate around $750 million per month, but has seen revenues significantly decrease, averaging $300 million per month this year.
Since November 2023, over 6,600 vessels have diverted their routes to the Cape of Good Hope, explained the SCA head.
The president expressed understanding of concerns of the Egyptian people regarding the critical regional developments and the potential escalation of conflicts that could impact regional stability.
The SCA head also highlighted the impact of Red Sea tensions on the maritime transport market, trade movement, and global supply chains
The number of transiting vessels dropped by 11.5 percent, with net tonnage passing through the canal falling by 15.6 percent to close the first 9 months of the fiscal year at 944.9 million tons
In addition to the reduction in ship traffic, there was also a considerable decrease in total tonnage, falling by 68.5 percent in May 2024 to about 44.9 million tons.
Revenues of the Suez Canal Authority (SCA) rose to LE 8.1 billion in November.
