During a panel at the Global Logistics Forum, Rabie shared that recent statistics reveal a decline in vessel transit, with the number of ships passing through the canal dropping from 25,887 in the FY2022/2023 to 20,148 in FY2023/2024.
This sharp decline is attributed to ongoing Houthi attacks on vessels navigating the Red Sea, prompting many shipping lines to divert to safer routes, particularly around the Cape of Good Hope.
The SCA head highlighted the impact of Red Sea tensions on the maritime transport market, trade movement, and global supply chains
Ambassador Chevalier stressed France's keenness to boost cooperation with the Suez Canal Authority, given the canal’s importance as an essential link serving the global trade movement between East and West
This is because an increasing number of businesses experienced higher input costs due to a significant decline in freight volumes through the Suez Canal, which further aggravated foreign currency shortages
