He also noted that large oil tankers are still unable to pass through the canal at this stage.
Chairman of the Suez Canal Authority, Osama Rabie, expects maritime traffic through Suez Canal to gradually return to normal by late March, with full recovery anticipated by mid-2025, provided that the ceasefire in Gaza remains in place.
In an interview with Egyptian television, Rabie stated that the canal is currently handling no more than 32 ships per day, compared to 75 ships per day before the outbreak of the Gaza war on October 7, 2023.
He also noted that large oil tankers are still unable to pass through the canal at this stage.
Rabie highlighted the severe financial impact on the Suez Canal, a crucial source of foreign currency for Egypt, revealing that revenues have dropped by approximately 60 percent due to the conflict.
He projected that the canal could lose around $7 billion in revenue during the current fiscal year, which ends in June 2025.
Earlier in December, President Abdel Fattah El-Sisi met with the Chairman of the Suez Canal Authority (SCA), Lieutenant General Osama Rabie, to discuss the impact of regional developments on shipping traffic through the Suez Canal in 2024.
The meeting, as outlined by the Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, revealed a significant decline in the Canal’s revenues, with losses exceeding 60% compared to 2023.
This translates to nearly $7 billion in lost revenue due to ongoing disruptions in the Red Sea and Bab el-Mandeb, which have hindered navigational traffic and strained global trade sustainability.
