Osama Rabie: “Suez Canal Revenues Drop by $376 Million in January”

Suez Canal has been significantly affected by the ongoing events in the region

Osama Rabie, the head of the Suez Canal Authority, has confirmed that the Suez Canal has been significantly affected by the ongoing events in the region and the crises in the Red Sea. He mentioned conducting various meetings with international shipping officials, heads of different companies, and global agencies to find a solution to the current crisis.

For the first time, the Suez Canal is facing such a crisis

Rabie explained that for the first time, the Suez Canal is facing such a crisis. In January 2023, the number of ships passing through the canal reached 2155 but dropped to 1362 in January this year, a 36% deficit. He also noted a decrease in revenues from $804 million to $428 million in January, compared to the same month last year, a 46% drop.

The Suez Canal remains the best, shortest, and safest route for shipping

Despite the challenges, Rabie emphasized that the Suez Canal remains the best, shortest, and safest route for shipping, unlike alternative routes that lack services and are unsustainable, with extremely challenging navigation conditions.