The Suez Canal Authority (SCA) is closely monitoring the current situation in the Red Sea and its impact on the canal’s traffic, revealed SCA chairman Osama Rabie on Sunday.

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.

The SCA added that while 2,128 vessels have crossed the canal since November 19, only 55 vessels have changed routes to travel via the Cape of Good Hope.

According to an official statement by the authority, Sunday traffic recorded 77 ships passing through the canal with a net cargo of 4 million tons.

Over the weekend, 4 of the world’s 5 largest shipping companies revealed that they were stopping trips through the Red Sea. Mediterranean Shipping (MSC), AP Moller-Maersk, CMA CGM, and Hapag-Lloyd revealed that they are stopping transit through the Red Sea, with Maersk and Hapag-Lloyd both announcing attacks on their respective ships that occurred on Friday, December 15th.

The Suez Canal, which handles around 10% of global trade traffic, reported record-high annual revenues in FY2022/2023 at $9.4 billion with around 25,887 vessels passing through the canal.

It’s been a difficult year for maritime trade, with the Panama Canal initiating restrictions on crossing as it deals with the country’s worst drought in over 70 years, leading to water levels dropping to its lowest point since the mid-1900s. The Central American canal handles around 6% of global trade.