The canal authority reported that Egypt's Suez Canal revenue increased 14.2% between July and Octember, citing a calmer Red Sea following a ceasefire with Gaza, and an increase in traffic along the waterway.

In 2023 and 2024, Yemen's Iran-aligned Houthis attacked more than 100 ships in the Red Sea and Gulf of Aden, as well as the Bab al-Mandab Strait, which links the two, in what they called solidarity with Palestinians in response to Israel's Gaza war. This led many shippers, who were previously using alternative routes, to change to other routes.

Osama Rabi, Chairman of the Suez Canal Authority, said that 229 ships transited the canal again in October. This is the highest monthly number since the beginning of the crisis in the region. He added that traffic volume and tonnage have shown "relative improvements" in the last few months.

Rabie said that from July to October 4,405 ships with 185 million metric tonnes passed through the canal compared to 4,332 vessels with 167.6 millions tons during the same period in last year.

Rabie said that the positive atmosphere created by the Sharm El-Sheikh Summit on Gaza's Future held last month had encouraged many carriers, including those who used the canal before, to return.

He invited international shipping companies to make trial voyages along the waterway to demonstrate Egypt's commitment to restoring confidence among maritime operators following months of disruptions in the Red Sea region and Bab al-Mandab.

CMA CGM, a French shipping company, has resumed its crossings of the canal with two large containers. Other operators such as MSC, Ever Green and Cosco have said that they are considering expanding their activities through the canal once conditions stabilize.

Suez Canal is the fastest route by sea between Europe and Asia. It remains an important source of hard currency in Egypt. The country has been under financial pressure due to regional instability, and reduced transit traffic this year. Reporting by Yusri Mohammed and Moamen Said Atallah. Mohamed Ezz is the author. Mark Potter (editing)

(source: Reuters)