2023-24 Suez Canal revenue dropped 25% to $7.2B due to ship diversions amid Red Sea attacks.

Suez Canal revenue dropped nearly 25% in the 2023-24 financial year due to shippers avoiding the route amid Red Sea attacks by Iran-aligned Houthis. Revenue fell from $9.4 billion to $7.2 billion, and the number of ships passing through the canal decreased from 25,911 to 20,148. The canal is a critical source of foreign currency for Egypt, and authorities are working to increase revenues through expansion efforts.