Suez Canal Sees Ship Traffic Return Amid Red Sea Crisis

Egypt's Suez Canal is regaining traffic as 47 ships have rerouted from the Cape of Good Hope to the canal since early February. Suez Canal Authority chairman Osama Rabei confirmed the shift, stating that the Red Sea crisis has not provided a lasting alternative to the vital trade route.

Since November 2023, Iran-backed Houthi militants have been attacking vessels in the Red Sea, forcing ships to take longer, costlier routes around Africa. However, Rabei sees positive signs of stability returning to the region.

Egyptian President Abdel Fattah al-Sisi previously estimated that disruptions could cost Egypt up to $7 billion in lost Suez Canal revenue in 2024.

For now, the global shipping industry watches closely as traffic patterns shift in response to regional tensions.