Suez Canal traffic expected to return to normal by end-March: Rabie
Updated 2/10/2025 7:36:00 AM
Arab Finance: Traffic through the Suez Canal is expected to gradually return to normal by late March, with a full recovery anticipated by mid-2025, provided the ceasefire in Gaza continues, Asharq Business reported, citing the Head of the Suez Canal Authority (SCA) Osama Rabie.
Rabie stated that the canal is currently handling no more than 32 ships per day, compared to 75 ships daily before the outbreak of the Gaza war on October 7th, 2023.
He added that giant tankers are still unable to transit through the canal at present.
Rabie a also highlighted that Suez Canal revenues, one of Egypt’s key foreign currency sources, dropped by about 60% due to the conflict, expecting the canal to lose approximately $7 billion in revenues during the current fiscal year.
The downturn comes as Egypt faces its most severe economic crisis in decades.
In March, authorities allowed the Egyptian pound to depreciate by about 40%, which helped secure a $57 billion bailout from the International Monetary Fund (IMF) and other international partners.
The Houthi group in Yemen previously announced it would halt attacks on American and British ships, in response to the cooling off of the conflict between Israel and Hamas.
However, shipping companies remain cautious, noting it is too early to get back to traditional routes.
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