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Suez Canal revenue plummets nearly 50% due to Red Sea crisis
Egypt's Suez Canal revenue has nearly decreased this year after Houthi attacks on Red Sea shipping caused many ships to divert ships past the Cape of Good Hope.
A container ship passes through the Suez Canal (Source: Corbis / GettyImages)
According to Egypt's Al-Mal News, data released this week last month showed that Suez Canal revenue decreased by 64.3% to about 337.8 million USD, compared to 648 million USD recorded in May 2023.
The number of ships passing through the canal in May also decreased to 1,111, lower than the 2,396 ships passing through the canal in the same period last year. Due to reduced ship traffic, the cargo volume passing through the Suez Canal fell 68.5% last month to about 44.9 million tons. In May 2023, total cargo tonnage was 142.9 million tons.
The director of the Suez Canal Authority (SCA), Osama Rabie, said in statements last week that the canal's income fell to $428 million in January from $804 million in the same period last year. According to the head of the Suez Canal Authority Osama Rabie, ship traffic on the waterway is expected to decline by 30% compared to the same period in 2023.
In the 2022/2023 financial year, the returns from the Suez Canal reached a record $9.4 billion.
The Suez Canal Authority has extended toll discounts for a range of ships on selected long-haul routes. The Suez Canal Authority initially introduced a toll reduction policy in January, with some offering discounts of up to 75% for product tankers and crude oil tankers on voyages between the Americas and Asia.
The new price reduction extension will be valid until the end of the year, applying to 12 ship types including bulk carriers, container ships and LNG carriers.
See more:
- Container Freight Rates for China-Europe Exports Expected to Surpass $10,000
- Red Sea crisis helps container shipping lines increase profits
- Conflict in the Red Sea causes instability in freight rates in the market: Xeneta
Source: Phaata.com (According to SeatradeMaritime)
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