With Egypt’s Economy already under pressure, the country’s two key services sector earners, the Suez Canal and tourism, are both under pressure as regional tensions rise. With numerous high-profile shipping firms, including Denmark’s Maersk, giving the Red Sea and thus the Suez Canal a wide berth amid attacks from Yemen’s Houthi rebels (MEES, 12 January and MEES, 5 January), revenues are set to slide from 2023’s record levels (MEES, 24 November 2023).
The number of vessels transiting the Suez Canal during the first week of January was down 28% year on year and 27% on a month earlier to 363 (233 cargo ships, 130 tankers) according to the IMF’s Portwatch. Other reports suggest container shipments are down by as much as 90%. Container vessels typically account for a quarter of the Canal’s total traffic. (CONTINUED - 349 WORDS)
