Yemen Monitor/Cairo:
The annual revenue of the Suez Canal has decreased by about a quarter in its latest fiscal year as some shipping companies have switched to alternative routes to avoid attacks by Iran-backed Houthis in the Red Sea.
Osama Rabie, Chairman of the Suez Canal Authority, said on Thursday that revenue had fallen to $7.2 billion in the 2023-2024 fiscal year, compared to $9.4 billion the previous year.
Rabie said the number of ships using the canal decreased to 20,148 in 2023-2024 from 25,911 the previous year.
The Suez Canal is a major source of foreign currency for Egypt, and authorities have been trying to increase its revenue in recent years, by expanding the canal in 2015.
Since the end of last year, the Houthis have been targeting commercial ships in the Red Sea and the Gulf of Aden, and recently expanded their operations to the Indian Ocean. They said they are targeting ships linked to Israel, which is launching a brutal attack on Gaza Strip. However, the Yemeni government and experts say the Houthis’ goals are domestic to escape internal crises and improve their image in the region.
In response, the US and Britain have been launching airstrikes against Iran-backed Houthi militants since January 11. As a result, the Houthis announced the expansion of their operations to include US and British ships.
Since November to early July, the US Department of Defense (Pentagon) has recorded more than 200 attacks on US commercial or military ships off the coast of Yemen, including nearly 100 attacks since the start of US airstrikes on Yemeni territory.
