The Suez Canal experienced a 40-percent decline in dollar revenues from 1-11 January, 2024, compared to the same period last year, according to Osama Rabie, Chairman of the Suez Canal Authority (SCA). In a phone-in, Rabie attributed the drop to tensions in the Red Sea, which have affected traffic through the international waterway. He emphasized that the Suez Canal remains the most efficient and secure route for cargo ships, saving time, fuel, and money. The Suez Canal is a vital link between Asia and Europe, facilitating approximately 12 percent of global trade. Over the past weeks, the Houthis of Yemen have launched attacks against Israel-linked ships against the backdrop of the Israeli aggression in the Gaza Strip.
