Egypt: Suez Canal traffic decline by half due to Houthi attacks

CAIRO, July 31 (KUNA) -- Chairman of the Suez Canal Authority (SCA) Osama Rabie announced on Thursday that ship passage through the canal has decreased by 50 percent due to Houthi attacks in the Red Sea, leading to a decline in revenues by 60 percent.
During celebrations of the canal's 69th nationalization anniversary, Rabie noted that the canal used to witness passage of between 75 to 80 ships daily, prior to the events of October 7, 2023, leading to a decline to around 30 to 35 ships.
He added that the effects of the crisis began to emerge in January 2024 after the Houthi group targeted commercial ships passing through the Bab al-Mandeb Straight and the Red Sea.
More than 1.1 million ships have crossed the canal since its nationalization, with total revenues exceeding USD 153 billion, reflecting the enormous economic return for Egypt.
The Egyptian government nationalized the Suez Canal Company in 1956, transferring ownership to the state after more than eight decades of foreign ownership. (end) mm.sas