Egypt’s FM: Disruption in maritime traffic caused loss of $8 billion for Seuz Canal Authority

CAIRO – 24 May 2025: In a recent opinion article, Egypt’s Foreign Minister Badr Abdelatty commended the ceasefire agreement brokered by Oman between the United States and the Houthi group in Yemen, which aims to halt attacks on U.S. ships passing through the Red Sea.

Abdelatty mentioned the significant economic toll the conflict has taken, stating that the disruption in maritime traffic has led to an estimated loss of $800 million per month in revenues for the Suez Canal Authority—amounting to a total of approximately $8 billion since the start of the war in Gaza.

He described the ceasefire as a promising step toward de-escalation and securing vital maritime corridors. The agreement is expected to ease tensions along one of the world’s most strategic waterways, offering reassurance to international shipping stakeholders and supporting the uninterrupted flow of global trade through the Red Sea and the Suez Canal.

According to Abdelatty, this development not only advances peace efforts but also restores global confidence in the resilience and security of key supply chains.

He added that with the recent agreement in place, vessels can now navigate the Red Sea with greater confidence, enabling smoother, faster, and more cost-effective transportation of goods between Africa, Europe, Asia, and beyond. 

This development serves as a powerful reminder that even incremental steps toward peaceful conflict resolution can generate far-reaching benefits—reinforcing the intricate web of global trade that underpins the international economy, the Minister continued.

At a time when the world is still grappling with the aftershocks of the COVID-19 pandemic, the war in Ukraine, and the ongoing conflict in Gaza, this agreement offers a rare and much-needed opportunity for economic recovery. The restoration of safe and unimpeded navigation along one of the world’s most critical maritime routes is a welcome boost for global markets and a hopeful signal for stability in international trade, Abdelatty said.

Abdelatty affirmed that Egypt remains steadfast in its commitment to achieving a permanent ceasefire in Gaza. Simultaneously, he added, Egypt continues to advocate for the protection of the Red Sea as a vital artery for global maritime navigation and trade—recognizing its critical role in sustaining the interconnected global economy.