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Tuesday, July 9, 2024
On March 29, 2021, the Ever Given cargo ship sailed through the Suez Canal in Egypt under the escort of Suez Canal tugboats. Source: Suez Canal Authority, Associated Press
CAIRO (Xinhua) — Revenue from Suez Canal transit fell 57.2 percent to $959.3 million in the first quarter of 2024, according to a statement released by the Central Bank of Egypt (CBE) on Monday.
Revenue from Suez Canal transit fell 7.4% to $5.8 billion from July 2023 to March 2024, compared with $6.2 billion in the same period last year, the statement said.
Net tonnage fell 15.6% to 944.9 million tonnes, and the number of transiting vessels fell 11.5% from July 2023 to March 2024, the CBE added.
Egypt’s fiscal year begins on July 1 and ends on June 30 of the following year.
The Central Bank of Egypt noted that the main reason for the decline in cargo volumes was the disruption of maritime traffic in the Red Sea, which forced several commercial shipping companies to change routes.
Since the Gaza conflict broke out in October last year, Yemen’s Houthi group has repeatedly attacked ships linked to Israel in the Red Sea.
Since January this year, the United States and Britain have launched several air strikes on Houthi military bases in the Yemeni capital Sanaa and other provinces controlled by the group in response to Houthi attacks in the region.
The Suez Canal carries 12% of global trade and is an important source of foreign exchange for Egypt.
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