Suez Canal Authority (SCA) Chairman Osama Rabie said in a statement that "the current situation and unprecedented challenges in the Red Sea region" pushed shippers to seek alternative navigational routes away from the Suez Canal.

According to the SCA, revenues fell from 9.4 billion USD in the fiscal year 2022/2023 to 7.2 billion USD in the fiscal year 2023/2024.

Since the outbreak of the Gaza conflict last October, Yemen's Houthi group has repeatedly attacked ships in the Red Sea that have links to Israel.

The Suez Canal is a crucial source of foreign currency for Egypt, a country still grappling with economic woes.