Egypt loses over $1.2 billion due to Houthi attacks in Red Sea

In April 2024, the cargo traversing the Suez Canal reportedly decreased by half compared to December 2023, as estimated by maritime trade security firm Dryad Global.

According to Dryad Global's projections, Egypt incurred a loss of approximately $1.2 billion in income due to the reduction in merchant ship traffic through the Suez Canal by the end of March 2024.

Notably, Maersk, the world's second-largest container shipping market, announced last week that it does not anticipate resuming transit through the Suez Canal until the conclusion of 2024.

Since November 2023, Iran-backed Yemeni rebels have been launching attacks on ships in the southern Red Sea and the Gulf of Aden in the Indian Ocean using missiles and loitering munitions. While the Houthis claim to target solely Israeli-affiliated vessels, their attacks have impacted ships from various nations, regardless of any direct ties to Israel.