Egypt’s Suez Canal revenues increased by 14.2% year-on-year from July to October, attributed to improved conditions in the Red Sea following a ceasefire in Gaza and increased traffic through the canal. Suez Canal Authority Chairman Osama Rabie reported that 229 ships transited the canal in October, the highest monthly figure since the onset of the regional crisis, indicating a relative improvement in traffic volumes and tonnage.
During this period, 4,405 vessels carrying 185 million metric tons used the canal, up from 4,332 ships and 167.6 million tons in the same timeframe last year. Rabie noted that the positive atmosphere following the recent Sharm el-Sheikh summit on Gaza’s future encouraged carriers to resume their routes through the canal.
Global shipping companies are being invited to conduct trial voyages, as Egypt aims to restore confidence among maritime operators after months of disruptions. French shipping line CMA CGM has already resumed operations with two large container vessels, while others, including MSC, Evergreen, and Cosco, are considering expanding their activities as conditions stabilize.
The Suez Canal remains a crucial source of revenue for Egypt, especially amid financial challenges stemming from regional instability and earlier declines in transit traffic.
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