Gaza ceasefire: Suez Canal comes back to life as Red Sea attacks subside
A container ship navigating the Suez Canal. KHALED DESOUKI/AFP via Getty Images
Egypt’s Suez Canal Authority (SCA) reported on Sunday that 47 ships have resumed using the vital waterway since the start of February, signaling a tentative recovery following a ceasefire between Israel and Hamas.
The temporary truce has led Houthi forces in Yemen to scale back attacks on commercial vessels in the Red Sea, allowing some shipping lines to reconsider their routes.
SCA chief Osama Rabie stated that the rerouted vessels opted for the Egyptian canal instead of the longer Cape of Good Hope route, which requires traveling around Africa’s southern tip.
“Consultations with shipping lines and clients show positive indicators for the return of stability in the Red Sea region,” he remarked, though he did not provide comparative figures.
Since late 2023, Iran-backed Houthi militants have launched attacks on ships, claiming to act in solidarity with Hamas, forcing many global shipping firms to avoid the Red Sea and Suez Canal.
As a result, Egypt’s Suez Canal revenues plummeted by approximately 60 percent, with projected losses expected to reach $7 billion by June.
Rabie previously expressed optimism that traffic through the canal would gradually normalize by late March, with full recovery anticipated by mid-2024—provided the Gaza ceasefire remains intact.
