Osama Rabie, Chairman of the Suez Canal Authority said the canal’s revenues for the last fiscal year 2023/24 declined by 23% to $7.2 billion compared to the previous fiscal year.
Rabie said that the canal is pursuing a flexible policy in pricing and dealing with international companies, and that it will remain the best and safest alternative for global trade.
He stated that the canal's revenues were greatly affected by navigational disturbances in the Red Sea following attacks by the Yemeni Houthi group on ships.
Earlier this month, a statement from the Central Bank of Egypt showed a decline in Suez Canal revenues to $5.8 billion in the period from July 2023 to March 2024 - the first nine months of the last fiscal year - compared to $6.2 billion in the corresponding period of the previous fiscal year.
The Central Bank attributed this decrease mainly to the tensions witnessed in shipping traffic in the Red Sea, which forced many commercial shipping companies to divert their course.
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