Arab Finance: The Suez Canal revenues dropped by 23% year on year (YoY) to $7.223 billion during the fiscal year (FY) 2023/2024, compared to $9.399 billion, Chairman of the Suez Canal Authority (SCA) Osama Rabie told Alarabiya Business.

This came on the back of Red Sea disruptions and shipping firms’ decision to reroute their ships around Africa.

In the first nine months of FY 2022/2023, the Suez Canal transit receipts declined by 7.4% to $5.8 billion, compared to $6.2 billion. This was driven by the drop in both net tonnage of vessels by 15.6% to 944.9 million tons and the number of passing vessels by 11.5%.