Egyptian President Abdel Fattah al-Sisi said on May 4 that Egypt lost about $10 billion in revenue from the Suez Canal due to attacks on shipping in the Bab al-Mandab Strait related to the Gaza war [1]. The attacks began in November 2023 and have led to a significant reduction in traffic passing through the canal [1].
Osama Rabie, head of the Suez Canal Authority, reported that canal revenues dropped 66% in 2024, falling to $3.9 billion from about $10.2 billion in 2023 [1]. The decline reflects the disruptions to shipping caused by the Red Sea attacks.
The situation remains tense as the Houthis warned on April 12 they would escalate attacks in the Red Sea if Israeli and U.S. attacks on Iran resumed [1]. Earlier in April, a two-week ceasefire mediated by Pakistan was announced but talks in Islamabad on April 11 failed to reach a lasting truce [1].
Sisi made his remarks during a meeting with OECD Secretary-General Mathias Cormann in Cairo on May 4 [1]. The attacks and resulting revenue losses continue to impact Egypt's critical maritime trade route and its economy.
The next major assessment of the canal's revenues and traffic flows is expected after the current regional tensions evolve further. Authorities remain watchful of the Red Sea corridor and attempts at securing a sustained ceasefire.
