Due to Houthi attacks, Suez Canal revenues halve - Bloomberg
Photo: Suez Canal revenues have halved (Getty Images)
Egypt's revenues from the Suez Canal nearly halved in January after attacks by Yemeni militants in the Red Sea forced major shipping companies to send ships via alternative routes, Bloomberg reports.
According to the agency, in January, the revenue amounted to about $428 million, compared to $804 million for the same period in 2023. At the same time, the number of ships plying the canal decreased by 36%.
The Suez Canal is the shortest sea route between Asia and Europe. It is an important source of foreign currency for Egypt and brought it about $10.25 billion in 2023.
Houthi attacks on ships in the Red Sea
Since November last year, Yemeni Houthis have continued to attack merchant ships with ties to Israel in the Red Sea. In January, the terrorist group dealt the biggest blow. The U.S. and UK military repelled the attack in the Red Sea.
In early January, the United States and the UK launched powerful strikes against targets associated with the Houthis in Yemen. That was a response to the Houthis' constant attacks on civilian vessels in the Red Sea.
On January 28, it was reported that a Houthi drone attacked a British warship in the Red Sea, and the next day Yemeni Houthis reported that they had allegedly attacked a US destroyer. However, the Pentagon denied the militants' claim.
Who are the Houthis and why do they attack ships read in the RBC-Ukraine article.
