The Suez Canal is experiencing a rebound in ship traffic as 47 vessels have rerouted from the Cape of Good Hope back to the canal since early February, Suez Canal Authority Chairman Osama Rabei said.
The shift comes amid ongoing disruptions in the Red Sea, where Iran-backed Houthi militants have targeted commercial vessels since November 2023, forcing many ships to take longer, more expensive routes around Africa.
Despite the crisis, Rabei expressed optimism about growing stability in the region and the canal’s continued importance as a global trade route.
Egyptian President Abdel Fattah el-Sissi previously estimated that the Suez Canal could lose up to $7 billion in revenue in 2024 due to the ongoing disruptions.
For now, the global shipping industry continues to monitor shifting traffic patterns as regional tensions impact maritime trade.