EMEA News
Suez Canal: Annual Turnover Falls on Red Sea Risk
Monday July 22, 2024
The Suez Canal Authority has lost billions in turnover as the high risk to international shipping in the Red Sea acts as a deterent against using the waterway.
The number of ships transiting the canal fell by 20% in the financial year 2023/24 compared to the previous financial year, according to local news provider Egypt Today.
Shipments fell by one third from 1.5 billion mt to one billion mt and turnover was down by around a quarter from $9.4 billion to $7.2 billion, SCA chairman Osama Rabie was reported as saying.
Rabie made his comments during a meeting with the head of Centcom, Michael Kurilla, according to the report.
