Ismailia, Egypt (EFE).- Egypt’s Suez Canal Authority on Thursday announced a range of new services, including maritime rescue, ship repairs, and pollution control, in a bid to offset economic losses caused by the ongoing Red Sea security crisis.
“We are providing new services that we didn’t offer before in response to the current crisis in the Red Sea,” said Osama Rabie, chairman of the Suez Canal Authority, during a press conference in Ismailia, northern Egypt.
The new services include maritime rescue, vessel repair, ambulance assistance, pollution response, crew changes, fuel supply, personnel training, and a port for private yachts.
Rabie emphasized that the Suez Canal has been severely affected by the security crisis in the Red Sea. He recently said that the canal has lost 62% of its revenue over the past two years due to rerouted shipping caused by regional instability and attacks in the Red Sea.
Since the outbreak of war in Gaza on Oct. 7, 2023, Yemen’s Houthi rebels have launched hundreds of attacks on commercial ships allegedly linked to Israel, prompting many shipping companies to abandon the Suez Canal in favor of longer, alternative routes.
Rabie said that there is no real or more efficient alternative to the Suez Canal, noting that other routes increase fuel consumption, sailor wages, and carbon emissions for shipping companies.
He added that in 2024, the number of vessels passing through the canal dropped to 13,212, nearly half the usual traffic. Daily ship transits are now between 30 and 35, down from more than 70 before the disruptions.
As a result, canal revenues fell sharply from $10.2 billion in 2023 to around $4 billion in 2024.
In April, Egyptian authorities declared the Red Sea safe for navigation and called on global shipping firms to resume using the Suez Canal route. However, many companies continued to avoid the area due to potential Houthi attacks, which began in November 2023. EFE
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