The Red Sea exodus is gaining traction in multiple sectors with Egypt coming to terms with the fact that it will take a very big hit in revenues generated from Suez Canal transits this year.
Suez Canal transits generated $10.25bn in revenues for Egypt last year. Transit numbers were down 30% in the opening 11 days of January, and plummeted further in recent days as the Houthis in Yemen – abetted by Iranian intelligence and armaments – widen their targets.
Exclusive playback videos created by MarineTraffic for Splash carried at the bottom of this article show Suez transits for the whole day January 16 last year compared to yesterday, highlighting clearly the dramatic shift in world trade.
