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Egypt denies reports of suspending navigation in Suez Canal

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Egypt denies reports of suspending navigation in Suez Canal

Cairo, Jan 13 (Ajit Weekly News) Egypt had denied reports of a temporary suspension of navigation in the Suez Canal as a result of the ongoing tension in the Red Sea’s strategic Bab-el-Mandeb area.

Chairman of Egypt’s Suez Canal Authority (SCA), Osama Rabie said on Friday that navigation traffic in the canal is regular in both directions, reports Xinhua news agency.

He noted that navigational services are commencing normally at the Suez Canal, revealing that 44 ships with a combined net tonnage of 2.3 million will cross from both directions on Saturday.

Rabie stressed the SCA’s keenness to open direct channels of communication and coordinate with companies and shipping lines to better serve the shipping community and ensure the sustainability of global supply chains.

On Thursday, Rabie said the ship traffic had decreased by 30 per cent in the Canal since the beginning of 2024 compared to the same period of 2023, due to recent tensions in the Red Sea.

Furthermore, the US dollar revenues from the Suez Canal have downed by 40 per cent, and the loads shrank by 41 per cent between January 1 and 11, compared to the same period of 2023, he added.

Since the Israel-Hamas war erupted in Gaza in October 2023, the Iran-backed Houthi rebels in Yemen have repeatedly attacked commercial shipping in the Red Sea.

The US and Britain launched several airstrikes on Houthi military sites in the Yemeni capital Sanaa and other provinces under the militia’s control on Friday in response to the attacks carried out by the Houthi rebels in the Red Sea.

The Suez Canal, which carries 12 per cent of global trade, serves as one of Egypt’s main sources of foreign currency.

–Ajit Weekly News

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