Egypt said on Saturday it had successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway has plunged since Yemen's Houthi militants began attacking vessels in the Red Sea.

CAIRO - Egypt has tested a new 10-kilometre extension to the Suez Canal as it tries to minimise the impact of currents on shipping and increase the key waterway's capacity. Two ships used the new extension on Saturday, a statement from the Suez Canal Authority said.

Suez Canal revenues have suffered an abrupt 60% decline y/y as vessel operators divert services away from the Red Sea. The post Red Sea attacks cost Egypt $7 billion in Suez Canal revenue appeared first on FreightWaves.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday.

In November, 115 container vessels passed through the canal, a 72 percent drop from the 422 that passed through a year ago, says Project44.

Egypt's Suez Canal revenues plummeted to $4 billion in 2024 from $10.2 billion in 2023 (a 60.7 percent loss) due to the ongoing tensions in the Red Sea, Chairman of the Suez Canal Authority (SCA) Osama Rabie stated in an interview with Sada El-Balad on Saturday.

Egypt successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday. Egypt lost more than 60% of the canal's revenues in 2024 compared with 2023,

Egypt's revenues from the Suez Canal fell by more than 60 percent in 2024 compared to the previous year amid the Red Sea tensions, resulting in a loss of nearly $7 billion, a presidential statement said on Thursday.

Egypt lost roughly $7 billion in revenues from the Suez Canal, down about 60 per cent annually, mainly as a result of attacks by Yemen's Houthis on ships in the Red Sea, Egyptian President Abdel Fattah El-Sisi said on Thursday.