- Suez Canal traffic is expected to recover gradually by late March and fully by mid-2025, provided the Gaza ceasefire holds.
- Revenue from the canal has dropped 60%, leading to an estimated $7 billion loss for Egypt in the current financial year.
- Despite Yemen’s Houthis pausing attacks on U.S. and UK ships, major shipping companies remain hesitant to return.
The Suez Canal Authority expects shipping traffic to normalize by mid-2025, provided the Gaza ceasefire remains intact, according to Chief Osama Rabie. Currently, only 32 ships transit the canal daily, compared to 75 before the war in Gaza, and supertankers remain absent, reports gCaptain.
Gradual Canal Recovery
Traffic is expected to stabilize by late March and fully recover by mid-2025. Currently, only 32 ships/day exist as compared to 75 before Gaza war.
Supertankers are still avoiding the canal.
Financial Impact on Egypt
Suez Canal revenue drops down 60% due to the crisis. Experts estimated $7 billion in losses for the financial year ending June 2025.
Canal is a key hard currency source for Egypt, which is facing its worst economic crisis in decades.
Shipping Companies Remain Cautious
Houthis announced a pause in attacks on U.S. and UK vessels. Major carriers are still hesitant to return to Suez, preferring alternative routes.
Egypt’s Economic Struggles
Egyptian currency has devalued by 40% in March 2024. IMF & international lenders have provided $57 billion bailout.
Suez Canal recovery is critical for economic stability.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: gCaptain
