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Suez Canal revenues down nearly 50%

2024-02-19T18:30:46.185Z

Highlights: Suez Canal revenues down nearly 50%. Since November, Houthi rebels have attacked ships passing off Yemen in the Red Sea. volume of trade using the canal has fallen by 42% in the last two months. The number of container ships in transit fell by 67% year-on-year. The European Union officially launched its own maritime surveillance and patrol mission in theRed Sea on Monday. It will be able to fire to defend merchant ships or defend itself, without targeting Houthi rebel positions on land.


Since November, Houthi rebels have attacked ships passing off Yemen in the Red Sea.


Houthi attacks in Yemen are heavily penalizing the Egyptian economy.

President Abdel Fattah al-Sisi announced on Monday that revenues from the Suez Canal - nearly $10 billion a year and one of Egypt's main foreign exchange earnings - have "

fallen from 40% to 50% %

” since the beginning of January.

Since November, Houthi rebels have attacked ships passing off Yemen in the Red Sea.

In solidarity with the Palestinians in the Gaza Strip, bombed since the Hamas terrorist attack on Israeli soil on October 7, they say they are targeting ships linked to Israel or its supporters.

These attacks are prompting many shipowners to bypass Africa and suspend passages through the Red Sea and the Suez Canal, through which 12% to 15% of world traffic usually passes.

The volume of trade using the canal has fallen by 42% in the last two months, says the UN, which is concerned about the repercussions on world trade.

The number of container ships in transit fell by 67% year-on-year.

Faced with attacks, renewed again in recent days, and after the United States in December, the European Union officially launched its own maritime surveillance and patrol mission in the Red Sea on Monday.

It will be able to fire to defend merchant ships or defend itself, without targeting Houthi rebel positions on land.

Several countries have expressed their intention to participate in this mission, notably Belgium, Italy, Germany and France.

Spain has indicated that it will not participate.

Source: lefigaro

All news articles on 2024-02-19

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