Egypt Warns of Heavy Suez Canal Revenue Losses Amid Shipping Disruptions

(MENAFN) Abdel Fattah al-Sisi said Monday that Egypt has lost around $10 billion in revenue from the Suez Canal due to disruptions affecting maritime traffic linked to the ongoing Gaza conflict, according to reports.

He made the remarks during a meeting in Cairo with Mathias Cormann, noting that attacks in the region have significantly reduced shipping flows toward the canal.

According to an official statement from the Egyptian presidency, the decline in canal traffic is tied to continued security incidents in the Bab al-Mandab Strait, a key passage linking the Red Sea and the Gulf of Aden and one of the world’s most important trade routes alongside the Suez Canal and the Strait of Hormuz.

Reports indicate that maritime disruptions began in late 2023 when Yemen’s Houthi movement started targeting commercial vessels in the Red Sea, saying the attacks were carried out in response to the war in Gaza.

According to the same reports, the Gaza conflict has resulted in heavy casualties, and the escalation in regional tensions has contributed to instability in key shipping lanes used for global energy and food transport.

The Egyptian president warned that the ongoing situation continues to place pressure on one of the country’s most important sources of foreign currency earnings, as shipping companies increasingly reroute vessels away from the Red Sea corridor.

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