Economy

Suez Canal revenue decreses

2 min read

In the most recent fiscal year, the Suez Canal’s yearly revenue decreased by nearly 25% as some shippers chose to use other routes to avoid Houthi attacks in the Red Sea, which are supported by Iran. The head of the Egyptian Canal Authority, Osama Rabie, announced on Thursday that the company’s revenue for the 2023–24 fiscal year dropped to $7.2 billion from $9.4 billion in the previous year. Since November, the Houthis have been attacking commercial vessels in the Red Sea and Indian Ocean to show support for the Palestinian militant […]