Egypt Suez Canal monthly revenue losses at around $800m, Sisi says

Egypt’s President Abdel Fattah Al-Sisi said yesterday that the monthly losses of the Suez Canal revenues reached around $800 million due to the regional “situation”, Reuters reported.

This comes as Yemen’s Houthis return to targeting Israel-links vessels travelling through the Red Sea in support of Palestinians in Gaza who are enduring an ongoing genocidal bombing campaign at the hands of Tel Aviv. The move has disrupted global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs.

The Egyptian presidency statement did not directly refer to the Houthis, but Al-Sisi said in December the disruption cost Egypt around $7 billion in less revenue from the Suez Canal in 2024.

The Yemeni group recently vowed to resume attacking US vessels in the Red Sea, in response to deadly American strikes on Yemen that killed at least 53 people on Saturday, in the biggest US military operation in the Middle East since President Donald Trump took office in January.

READ: Red Sea crisis did not create sustainable route to replace Suez Canal, official says