July 23, 2024
According to CCTV News, the revenue of the Suez Canal for the fiscal year 2023/2024 has dropped to $7.2 billion.
On July 18th, local time, Osama Rabie, the chairman of the Suez Canal Authority in Egypt, announced that due to the Red Sea crisis, the number of vessels passing through the Suez Canal during the 2023/2024 fiscal year was 20,148, with a total net tonnage of 1 billion tons and revenues of $7.2 billion.
In the 2022/2023 fiscal year, there were 25,911 vessels passing through the canal, with a total net tonnage of 1.5 billion tons and revenues of $9.4 billion.
Due to the blockade by Houthi rebels, many ships have chosen to detour around the Cape of Good Hope to avoid potential risks in the Strait of Mandeb. This has led to a significant decrease in the volume of ship traffic through the Suez Canal, consequently causing a sharp decline in canal revenues.
Despite the Egyptian government having taken a series of measures, including strengthening security measures and improving operational efficiency of the canal, it remains difficult to reverse this trend in the short term.
On the other hand, after experiencing severe droughts in 2023, the Panama Canal, which connects the Pacific and Atlantic Oceans, finally saw relief in June.
In June 2024, the Panama Canal welcomed its highest number of transits in nearly eight months. This was thanks to rising water levels and the gradual relaxation of restrictions on the number of vessel transits.
Statistics show that in June 2024, a total of 869 vessels used the Panama Canal waterway, 64 more than in May, marking the highest monthly transit volume since October 2023 when the Panama Canal Authority (ACP) implemented controls.
Despite the noticeable improvement in the Panama Canal's operations, it has not yet returned to normal levels. The total transit volume in June 2024 decreased by 16% compared to the same period last year, equivalent to a reduction of 164 vessel transits.
Currently, the average daily transit volume of all commercial traffic through the Panama Canal has increased from 26 vessels in May 2024 to 29 vessels in June.
