Suez Canal Revenues Down 50% Amid Red Sea Tensions
International News
May 15, 2024
Suez Canal revenues have plummeted by 50% as tensions in the Red Sea escalate, severely impacting the vital maritime route. Ahmed Shawky, Board Member of the Egypt Center for Strategic Studies, pointed to geopolitical instability and security concerns as major deterrents for shipping companies. Adel El Moslimany, CEO of EVERGREEN Egypt United, noted that shipping lines are increasingly seeking alternative routes to avoid potential risks, exacerbating the revenue decline.