Suez Canal Revenues Plunge by 60 Percent

Date: 27 December 2024 - 22:51

News ID: ۱۳۵۱۴۵

CAIRO (Dispatches) – Egypt’s Suez Canal has seen its revenues nosedive by more than 60 percent in 2024 compared to the previous year, amounting to a staggering $7 billion loss, according to a statement released on Thursday.
The canal, which facilitates 12 percent of global trade and is a lifeline for Egypt’s battered economy, has been heavily impacted by the Zionist regime’s war on Gaza and the Houthis in Yemen.
Yemen’s Ansarullah movement has threatened ships carrying goods to the Zionist regime, effectively disabling trade passing into the Red Sea through the Bab el-Mandeb Strait.
Since November 2023, Ansarullah forces have launched nearly 100 attacks on ships in the Red Sea, actions they say are in solidarity with Palestinians suffering under the occupying regime’s war on Gaza, which has killed more than 45,400 people and wounded at least 107,940 Palestinians.
The Ansarullah forces have said they will stop their attacks if Israel’s war on Gaza stops.
Israel faces charges of genocide at the International Court of Justice (ICJ), and human rights organizations have published a vast body of evidence detailing ethnic cleansing and war crimes committed by the Israeli army.
The International Criminal Court (ICC) is also pursuing arrest warrants for Zionist prime minister Benjamin Netanyahu and former war minister Yoav Gallant on charges of war crimes and crimes against humanity in connection with the regime’s war on Gaza.
Ansarullah operations have prompted many shipping companies to reroute their vessels around the Cape of Good Hope in South Africa, bypassing the Suez Canal altogether.
Despite attacks by the United States, Britain and the Zionist regime on Yemeni territory, the Ansarullah military operations have continued unabated.
The disruptions in the Red Sea have dealt a devastating blow to Egypt, which is already reeling under a worsening economic crisis.
Inflation is soaring, the currency is in freefall, and millions of Egyptians are grappling with a spiraling cost-of-living crisis.