Egypt said on Saturday it had successfully tested a new 10 km channel near the southern end of the Suez Canal, even as its revenue from the waterway has plunged since Yemen's Houthi militants began attacking vessels in the Red Sea.

Egypt has tested a new 10-kilometre (6.2-mile) extension to the Suez Canal as it tries to minimise the impact of currents on shipping and increase the key waterway's capacity.

Suez Canal revenues have suffered an abrupt 60% decline y/y as vessel operators divert services away from the Red Sea. The post Red Sea attacks cost Egypt $7 billion in Suez Canal revenue appeared first on FreightWaves.

In November, 115 container vessels passed through the canal, a 72 percent drop from the 422 that passed through a year ago, says Project44.

Events in the Red Sea and regional challenges cost Egypt around $7 billion in revenues from the Suez Canal in 2024, Egyptian President Abdel Fattah al-Sisi said on Thursday.

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. Revenue from the vital international waterway is down over 60 ...

Egypt lost roughly $7 billion in revenues from the Suez Canal, down about 60 per cent annually, mainly as a result of attacks by Yemen's Houthis on ships in the Red Sea, Egyptian President Abdel Fattah El-Sisi said on Thursday.