14 November 2024 Lloyd's List
TRANSITS through the Suez Canal are at their lowest capacity since the start of the Red Sea crisis, highlighting the increasingly detrimental impact of Houthi attacks on Egypt’s economy.
Some 877 cargo-carrying vessels passed through Suez Canal in October, according to Lloyd’s List Intelligence data.
It is a negligible increase from the 868 recorded the month prior, but measuring the transits by the sum of cumulative dwt reveals a 4% drop in traffic month on month to 65.5m dwt.
Source: Lloyd's List Intelligence
This is a new low in passings by capacity, surpassing the 67.5m dwt recorded in June.
Egypt’s foreign minister said the country’s economy has suffered “substantial losses” because of the Houthi campaign of aggression in the Red Sea, losing an estimated $6bn in revenues generated from the Suez Canal.
Yet, Egypt has been reluctant to openly criticise the Houthis or exert diplomatic influence to reign in attacks.
“There are a lot of geopolitical reasons why the Egyptian government is somewhat stuck,” explains Ian Ralby, chief executive of consultancy IR Consilium.
“Most notably, because we have let the Houthis hold the false narrative that what they are doing is protesting Israel, then Egypt acting against the Houthis could be seen as doing something to support Israel.”
Source: Lloyd's List Intelligence
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