Dozens of ships have returned to using Egypt’s Suez Canal since early February instead of the longer Cape of Good Hope route, Suez Canal Authority (SCA) Chairman Osama Rabie announced on Sunday, 23 February.
Speaking at the International Maritime Transport and Logistics Conference (MARLOG) in Alexandria, Rabie stated that 47 vessels have resumed transits through the canal, with more expected to follow as regional tensions ease following the Hamas-Israel ceasefire on 19 January.
The Suez Canal Authority has taken several measures to counter the sharp decline in traffic caused by Red Sea disruptions, including maintaining stable transit fees and expanding maritime and logistical services.
Rabie noted that the authority remains committed to enhancing the canal’s efficiency and global competitiveness.
The ongoing crisis in the Red Sea has significantly impacted Suez Canal revenues, which fell by 60 percent in September 2024, registering USD 6 billion (EGP 289.85 billion) in losses.
The drop in shipping activity followed Houthi attacks on Israel-linked vessels, leading many companies to reroute through the Cape of Good Hope.
Rabie also highlighted the recent expansion of the canal’s southern section, which has increased navigational safety and boosted capacity from six to eight ships per day.
The Suez Canal remains a vital source of hard currency for Egypt, with the authority continuing efforts to restore traffic and mitigate economic losses.
