Egypt endures $700mln loss in Suez Canal revenues amid red sea disruptions

Reuters/REUTERS

Bloomberg Intelligence expects loss in Suez Canal revenues to continue in case tensions in the region persist

Staff Writer, Arab Finance

February 29, 2024

PHOTO

Egypt has lost over $700 million in Suez Canal revenues since the onset of the ongoing Red Sea shipping disruptions, Asharq Business reported, citing estimates from Bloomberg Intelligence.

Bloomberg Intelligence expects loss in Suez Canal revenues to continue in case tensions in the region persist.

On February 3rd, Chairman of the Suez Canal Authority (SCA) Osama Rabie unveiled that the canal saw its receipts fall 46.7% year on year (YoY) to $428 million in January.

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