Title: Suez Canal Reports Severe Damage to Egypt from Red Sea Tensions

The head of the Suez Canal Authority in Egypt, Osama Rabie, indicated that "the canal has been affected by the tensions in the Red Sea, with dollar revenues decreasing by 40% compared to last year during the period from January 1 to January 11." He explained that "there has been a 40% decrease in Suez Canal revenues since the beginning of 2024 during the same period compared to last year," noting that "the number of transiting ships has decreased by 30%, with 544 ships compared to 777 ships last year, and tonnage has dropped by 41%." The head of the Suez Canal Authority also pointed out that "the alternative route via the Cape of Good Hope is not a safe passage for ships at this time due to weather conditions, as the transit duration through the alternative waterway takes about two weeks."