Suez Canal revenue down amid Red Sea unrest

The Suez Canal’s annual revenue went down to $7.2 billion in the latest fiscal year, down nearly a quarter, as some shippers diverted to the Cape of Good Hope to avoid Red Sea unrest, the Authority’s Chairman stated. Security challenges significantly impacted transit, prompting alternative routes and reducing ship passages.

In FY 2023/2024, 20,148 vessels with one billion tons transited, down from FY 2022/2023’s 25,911 ships with 1.5 billion tons and $9.4 billion revenue.

Osama Rabie further explained that tensions in the Red Sea affect global maritime trade and supply chains, emphasising the canal’s irreplaceability despite increased costs, emissions, and port congestion from alternative routes.

Attribution: Suez Canal Authority