Suez Canal Revenues Plunge 61 Percent due to global escalation
Suez Canal revenues experienced a steep drop of 61 percent in 2024, falling to $3.9 billion compared to $10.2 billion the previous year, according to Osama Rabie, Chairman of the Suez Canal Authority (SCA). The announcement was made during the "Excellence Day" celebration, an event that also marked the launch of new maritime services and the signing of multiple memoranda of understanding with strategic partners for future projects.
Rabie reported that the net tonnage of vessels transiting the canal decreased significantly by 66.5 percent, reaching 525 million tons in 2024, down from 1.68 billion tons in 2023. Similarly, the number of ships passing through the canal was cut in half, with only 13,213 vessels recorded in 2024 compared to 26,434 the previous year.
Despite these challenges, Rabie highlighted a major operational achievement: the successful completion of the Southern Sector development project, which includes both an expansion and a dual-lane upgrade. This milestone is expected to enhance navigational safety, reduce the effects of strong water currents on passing ships, and raise the canal’s capacity by an additional six to eight vessels per day.
Amid rising geopolitical tensions, the SCA has remained resilient, continuing to provide essential navigation and maritime services without interruption. Rabie emphasized the Authority's unwavering commitment to its comprehensive development strategy, which includes expanding the canal’s waterway and modernizing its fleet.
These infrastructure upgrades are complemented by a broader effort to elevate service quality and introduce previously unavailable offerings—positioning the Suez Canal as a competitive regional hub for maritime and logistics services. To that end, the canal’s fleet has been reinforced with 23 new and advanced marine units in recent months, enhancing operational efficiency and ensuring safe passage amid growing global trade demands.
Among the newly launched services are maritime rescue operations, emergency medical response at sea, pollution management, vessel repair and maintenance, fuel supply, and crew replacement—significantly expanding the canal’s service capabilities and value proposition to global shipping lines.