The number of vessels passing through the Suez Canal dropped to 544 so far in 2024, from 777 in the same period of 2023, Rabie spoke to ON TV channel.

Furthermore, the dollar revenues from the Suez Canal have downed by 40 percent and the loads shrank by 41 percent, in the period between 1 and 11 January, compared to 2023, he added.

Rabie stressed that the Cape of Good Hope is not a valid and safe route for vessels at this specific time, pointing out that transits via it add at least 10 to 15 days – according to its speed – compared to the Suez Canal.

He said that this shall place a burden on the shipping lines while shipping vessels are already having a crisis in the rising costs.

Rabie emphasized that the Suez Canal saves time, money, and fuel, highlighting the various services it provides, from the arsenal and repair services to the ambulance launches, in addition to the technical insurance operations upon the vessels’ arrival in Egypt.

On Wednesday, Egypt’s Prime Minister Mostafa Madbouly discussed the impact of Houthi attacks on shipping in the Red Sea with Maersk Group officials, who expressed their anticipation to resume maritime journeys through the Suez Canal at the earliest opportunity, considering its cost and time advantages.

Following another Houthi attack on one of its vessels, Maersk announced in December 2023 that it was rerouting all container vessels away from the Red Sea routes, opting to circumnavigate the Cape of Good Hope for the foreseeable future.

The Houthis, who control much of Yemen but are not recognized internationally, have repeatedly targeted Israel-linked vessels with strikes near the strategic Bab Al-Mandeb Strait in the Red Sea to pressure Israel over its deadly war on the Gaza Strip.