Suez Canal revenues witnessed a decline of 64.3% in May 2024, to record about $337.8 million, compared to $648 million during the same month of 2023, according to sources who spoke Al Mal News.

The sources explained that the number of ships crossing in May 2024 recorded 1,111 ships, compared to the same period in 2023, which recorded 2,396 crossings,  a decline of 1,285 ships.

The decline in the number of ships was accompanied by a decrease in the total tonnage by 68.5% in May 2024, to record about 44.9 million tons, compared to the crossing of 142.9 million during the same month last year, a decrease of 98 million tons.

Earlier in May, Minister of Finance, Mohamed Maait, said that there are estimates that Suez Canal revenues will decline by almost 60% due to tensions in the Red Sea region.

Minister Maait highlighted the impact of global and regional crises on inflation, which has led to an increase of around $4 billion in the monthly import bill.