Suez Canal reports 22% plunge in revenue due to Houthi attacks in Red Sea

The Suez Canal Authority has announced a revenue decline of about $2 billion year-over-year due to the disrupted traffic impact of Houthi attacks in the Red Sea. 

In FY 2023/24, the SCA’s revenue dropped to $7.2 billion from $9.4 billion the prior year, a drop of about 23 percent.

Over the same period, total tonnage passing through the international waterway fell by a third, while the number of transits declined by about 22 percent year-over-year. 

Current traffic levels suggest that FY 2024/25 numbers will be even lower unless the security situation markedly improves.

(Photo from Suez Canal Authority)