The Suez Canal observed a 23.1% decrease in activity year-on-year during the third quarter (Q3) of fiscal year (FY) 2024/2025, according to a statement by the Ministry of Planning, Economic Development, and International Cooperation. This decline followed a more pronounced drop of 51.6% in Q3 FY2023/24, noted as the onset of continued reductions in vessel traffic influenced by escalating geopolitical tensions.
These disturbances have had ongoing repercussions on canal revenues. In March, President Abdel Fattah El-Sisi highlighted that "Egypt incurs monthly losses estimated at $800 million in Suez Canal revenue" attributed to regional instabilities. Further, in Q2 of FY2024/25, the canal's operations declined by 70%, again affected by geopolitical tensions impacting navigation and resulting in fewer transiting ships.
Source: ZAWYA
