File Photo: Suez Canal. AFP
Citing data from global analysis firm Kepler, the SCA added that 50 percent of the European Union's fuel shipments passed through the canal in March, coinciding with this relative calm.
This resurgence comes after months of severe disruption caused by the Houthis' attacks in the Red Sea in solidarity with the Palestinians against the Israeli war on Gaza, which started in October 2023.
Since November 2023, these attacks have forced numerous vessels to reroute, leading to a dramatic 60 percent drop in Suez Canal revenues, totalling a $7 billion loss in 2024.
Following the Gaza ceasefire agreement in January, the Houthi group initially pledged to limit their attacks to Israeli-affiliated ships.
However, with Israel's subsequent violation of the ceasefire, especially its renewed offensives earlier this March, the Yemeni group said it would resume attacks on all Israeli vessels navigating the Red Sea, Arabian Sea, Bab El-Mandab Strait, and the Gulf of Aden.
This escalation triggered a series of retaliatory airstrikes from the US against Houthi targets in the Yemeni capital.
Before the start of the Gaza war, the Suez Canal saw a record-breaking 26,434 vessels transiting its waterway in 2023, carrying 1.6 billion tons of net tonnage.
This surge in traffic translated into an all-time high revenue of $10.3 billion, surpassing all previous records.
Last week, President Abdel-Fattah El-Sisi revealed that Egypt loses approximately $800 million monthly due to the ongoing regional tensions.
The Suez Canal is a key source of foreign currency for Egypt, alongside tourism and remittances.
It connects the Red Sea to the Mediterranean, providing the shortest shipping route between Europe and Asia.
Bab El-Mandeb Strait, between Yemen and Djibouti, links the canal to the Gulf of Aden.
Short link: