Suez Canal revenue drops as some shippers shun Red Sea

July 18 (Reuters) – The Suez Canal’s annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by Iran-aligned Houthis in the Red Sea.
Osama Rabie, the head of the Egyptian canal’s authority said on Thursday revenues fell to $7.2 billion in its 2023-24 financial year from $9.4 billion the year before.
Since November, the Houthis have been attacking commercial vessels in the Red Sea and Indian Ocean to show support for Palestinian militant group Hamas in its fight against Israel.