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
In addition to this, there has also been an increase in the costs of ship fuel and ship insurance costs, sometimes reaching 10 times the pre-crisis insurance value
For Egypt, the report underlined the potential escalation of external financing difficulties for the country if the higher costs are passed through, noting its reliance on the Suez Canal
Maritime traffic within the canal was reported as normal, Rabie explained, despite the increasing attacks by Yemen’s Houthis on ships passing along the Red Sea
