Suez Canal Revenue Drops As Vessels Reroute Due To Rising Conflict In Yemen

The Suez Canal, an essential worldwide commercial route between Asia and Europe, has experienced a significant drop in revenue due to the escalating conflict in Yemen. Major shipping companies have had to reroute due to attacks by Yemeni terrorists on their vessels in the Red Sea, avoiding the channel and resulting in an almost 50% decrease in revenue for Egypt’s Suez Canal Authority in January. Suez Canal Authority chief Osama Rabie stated that revenue fell from $804 million in January 2023 to roughly $428 million in January 2024. Rabie also reported a 36% drop in the quantity of ships using the canal.