According to CCTV News, the Suez Canal's revenue for the 2023/2024 fiscal year has fallen to $7.2 billion.
On July 18, local time, Osama Rabie, Chairman of the Suez Canal Authority, announced that due to the Red Sea crisis, the number of ships passing through the Suez Canal in the 2023/2024 fiscal year was 20,148, with a total net tonnage of 1 billion tons and a revenue of $7.2 billion. In comparison, the 2022/2023 fiscal year saw 25,911 ships, a total net tonnage of 1.5 billion tons, and a revenue of $9.4 billion.
The blockade by the Houthi forces has led many ships to reroute via the Cape of Good Hope to avoid the potential risks of the Bab el-Mandeb Strait. This has significantly reduced the traffic through the Suez Canal, leading to a sharp decline in revenue.
Although the Egyptian government has implemented several measures, including enhancing security and improving the canal's operational efficiency to address the revenue shortfall, reversing this trend in the short term remains challenging.
Meanwhile, the Panama Canal, which connects the Pacific and Atlantic Oceans, experienced severe drought in 2023 but saw relief in June.
In June 2024, the Panama Canal recorded the highest number of transits in nearly eight months, thanks to rising water levels and the gradual relaxation of transit restrictions.
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