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Hormuz Crisis Heights Suez Revenues
In April, the Suez Canal experienced an increase in the number of ships and maritime operations, with 529 ships passing through—up 28% compared to the previous year—and revenues reaching $419 million, a 27% increase. This rebound resulted from the closure of the Strait of Hormuz and alternative maritime routes via the Red Sea, which helped offset some of the losses caused by the Houthi targeting of ships in Yemen, despite the previous decline in transit activity due to regional tensions. The high revenues are a positive indicator for Egypt, as improved navigation traffic significantly contributes to reducing the current account deficit.
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