Suez Canal revenue and traffic plunge as ships avoid Red Sea tensions.

The Suez Canal, a crucial global trade route, has seen a significant downturn due to increased tensions in the Red Sea. Attacks by the Houthi group in Yemen have forced ships to seek alternative routes, leading to a 60% drop in revenue and a 49% decrease in ship traffic since 2024 began. Despite Egypt offering discounts and enhanced security, the canal's financial and operational challenges persist.

November 29, 2024
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