The number of ships that passed through the Suez Canal decreased by about 22%, on an annual basis, during FY2023/2024, according to data from the Suez Canal Authority (SCA).

The number of ships passing through the Suez Canal totaled 20,000, a decrease of around 6,000 compared to approximately 26,000 ships in FY2022/2023.

Recently in September, Egyptian President Abdel Fattah El-Sisi revealed that the Suez Canal has experienced a loss of over $6 billion, which accounts for 50 to 60% of its revenues over the past eight months.

This financial downturn is primarily attributed to the ongoing Israeli war on Gaza and the resultant instability in the region, which have impacted global trade routes and shipping traffic through the canal.

Suez Canal revenues during the second quarter of this year recorded their lowest quarterly level in 19 years, according to data from the Central Bank of Egypt.

The revenues amounted to about $870 million in the second quarter, a decline of about 65% compared to revenues for the same period in 2023, which exceeded $2.5 billion.