Suez Canal's revenues plummet by 60% in 2024
Updated 12/29/2024 8:14:00 AM
Arab Finance: Revenues from the Suez Canal dropped by over 60% year on year (YoY) in 2024, resulting in an estimated $7 billion loss for Egypt, according to a briefing provided to President Abdel Fattah El-Sisi during a meeting with the Chairman and Managing Director of the Suez Canal Authority Osama Rabie.
The decline in revenue was primarily attributed to regional developments in the Red Sea and Bab el-Mandeb.
These disruptions have negatively impacted navigational traffic through the Canal, further straining its critical role in sustaining global trade.
During the meeting, El-Sisi was updated on the ongoing modernization projects to bolster the Suez Canal’s strategic importance.
These initiatives include completing the southern sector expansion and extending the navigation route from kilometer 132 to kilometer 162 to accommodate larger vessels.
Additionally, the SCA is advancing the full duplication of the channel between kilometers 122 and 132, a move expected to enhance cargo capacity and expedite vessel transit in both directions.
Addressing current challenges, the President was briefed on measures being implemented to mitigate the impact of regional instability on shipping traffic.
Efforts to modernize Egypt’s fishing fleet using advanced technological systems were also discussed, as part of a broader strategy to strengthen the sector’s contribution to the national economy.
El-Sisi directed to prioritize the completion of development projects to improve maritime services and solidify the Canal's status as a cornerstone of global commerce.
He also underscored the importance of advancing the fishing fleet modernization program in accordance with international standards.
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