Suez Canal revenue drops 50% amid Red Sea tension, says Egypt’s minister

Suez Canal revenue has fallen by 50% due to disruptions in shipping caused by tension in the Red Sea, Anadolu Agency reported yesterday citing Egypt’s planning minister Hala El-Saeed.

The Suez Canal, a critical maritime route for global trade, is the shortest shipping route between Europe and Asia. It is one of the main sources of foreign currency for Egypt.

According to the news agency, tensions in the Red Sea have affected transits through the waterway, including Houthi attacks on Israeli-linked commercial ships and US retaliatory airstrikes.