Suez Canal Authority (SCA) Chairman Osama Rabie has announced that 47 ships have rerouted to pass through the Suez Canal instead of the Cape of Good Hope since the beginning of February.
The statement was made during the 14th Annual International Maritime Transport and Logistics Conference in Alexandria, Egypt.
Rabie attributed this shift to ongoing discussions with shipping lines and improved stability in the Red Sea region.
He expressed optimism that more shipping lines will resume using the Suez Canal as the region continues to stabilize.
The Red Sea crisis had posed “unprecedented security challenges,” impacting global supply chains.
The Suez Canal saw revenues plummet by over 60 percent in 2024, amounting to a loss of approximately 7 billion USD, due to tensions in the Red Sea and the Bab al-Mandab Strait.
The tensions began in October 2023 when the Houthis in Yemen started attacking Israeli-linked ships amid the Hamas-Israel conflict.
However, a ceasefire agreement in Gaza, implemented on January 19, has brought stability back to the region, halting Houthi attacks on ships.