Red Sea disruptions — a consequence of Houthi maritime attacks — have cost Egypt at least $7 billion in Suez Canal revenue this year, the country’s presidency said in a statement Thursday.

According to a statement from Egypt's presidential office, revenues for the Suez Canal declined more than 60 percent in the 2024 calendar year, amounting to nearly $7 billion loss for the country ...

The Suez Canal's annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by Iran-aligned Houthis in the Red Sea.

Suez Canal Authority Chairman Osama Rabie said on Wednesday that the Red Sea crisis did not create a sustainable route to replace the canal, adding that there were positive indicators for the ...

News Nation/World An oil-drilling ship capsized in the Gulf of Suez, killing at least 4 crewmen, Egypt says Automated narration. Learn more By The Associated Press Updated July 2, 2025 3:15 am ...

Ocean freighters have avoided the Suez Canal before. It was shut from 1967 to 1975, a period of conflict in the Middle East. But then Western economies were far less reliant on imports from Asia ...

All LNG carriers have been avoiding the Red Sea and Suez Canal since mid-January, when attacks against merchant vessels by Yemen’s Houthi militia ramped up in response to the Israeli-Gaza conflict.

In the past few months, global trade has been held back by disruptions at two critical shipping routes. Attacks on vessels in the Red Sea area reduced traffic through the Suez Canal, the shortest ...

An oil-drilling ship capsized in the Gulf of Suez, killing at least four crewmen and leaving four others missing, authorities said Wednesday. The drilling ship overturned Tuesday evening off the ...