Suez Canal activity dropped by 23.1% year on year in the third quarter (Q3) of fiscal year (FY) 2024/2025, as per a statement issued by the Ministry of Planning, Economic Development, and International Cooperation.

This is compared to a sharper plunge of 51.6% in Q3 FY2023/24, which marked the beginning of a continued reduction in vessel traffic due to escalating geopolitical tensions.

These disruptions have been affecting the canal revenues to date.

In March, President Abdel Fattah El-Sisi previously revealed that Egypt incurs monthly losses estimated at $800 million in Suez Canal revenue due to regional instablities.

In Q2 of FY2024/25, the Suez Canal’s operations retreated by 70%, affected by geopolitical tensions.

The current political conditions negatively impacted navigation through the canal, causing a drop in the number of transiting ships.
Source: Arab Finance