CAIRO, Feb 19 (Reuters) – Suez Canal Authority Chairman Osama Rabie said on Wednesday that the Red Sea crisis did not create a sustainable route to replace the canal, adding that there were positive indicators for the return of stability in the region.
Iran-backed Houthi militants have attacked vessels in the Red Sea area since November 2023, disrupting global shipping lanes by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising the costs for insurers.
Egyptian President Abdel Fattah al-Sisi said in December the disruption cost Egypt around $7 billion in revenue from the Suez Canal in 2024. That’s a drop of more than 60% from its revenue a year before from the canal, Sisi said.
(Reporting by Momen Saeed Atallah; Writing by Tala Ramadan and Nayera Abdallah; Editing by Bernadette Baum)
(c) Copyright Thomson Reuters 2025.
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Iraq will raise shipments of a key crude grade next month, part of an enlarged export program indicating that the OPEC+ nation is boosting its oil production.
The European Union on Friday agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry.
It was a relatively flat week for pricing on the major deepsea box shipping trades, with a scheduled mid-week general rate increase (GRI) failing to lift container spot rates on the headhaul eastbound transpacific route.
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