Suez Canal Traffic May Fully Recover By Mid-2025 If Gaza Ceasefire Holds
The Suez Canal, one of the world’s busiest trade routes, is expected to gradually return to normal traffic by late March 2025, with full recovery expected by mid-2025 if the ceasefire in Gaza continues.
The projection comes from Suez Canal Authority (SCA) chief Osama Rabie, who discussed the ongoing disruptions caused by the ongoing conflict.
In a phone interview, Rabie said that the canal is currently handling only 32 ships per day- less than half of the 75 vessels it accommodated before the war between Israel and Hamas began on October 7, 2023.
Large oil tankers are still unable to pass through the waterway, limiting trade flows.
In a notable development, the Liberian-flagged oil tanker Chrysalis passed through the canal for the first time since being attacked by Yemen’s Houthis in the Red Sea last July.
The tanker travelled northwards to Sidi Kerir Port in Alexandria, Egypt.
قناة السويس تشهد عبور ناقلة البترول CHRYSALIS في رحلتها الأولى منذ يوليو الماضي
الرحلة هي العبور الأول منذ تعرض الناقلة للهجوم في البحر الأحمر في يوليو الماضي
الفريق أسامة ربيع:”عودة الناقلة للعبور من قناة السويس رسالة طمأنة قوية على التطورات الإيجابية لبدء عودة الاستقرار… pic.twitter.com/qlME70kNTG
— هيئة قناة السويس Suez Canal Authority (@SuezAuthorityEG) February 3, 2025
The vessel is 249 meters long, 44 meters wide, and has a total tonnage of 61,341 tons. Its successful passage through the Suez Canal is seen as a sign of improving stability in the region.
The disruptions have severely impacted Egypt’s economy. Suez Canal revenue has dropped by about 60%, with losses expected to reach nearly $7 billion by June.
Egyptian authorities allowed the currency to weaken by about 40% in March to stabilise the situation. This helped secure a $57 billion financial package from the International Monetary Fund (IMF) and other global partners. Despite this, economic pressures remain high.
Meanwhile, Yemen’s Houthi rebels have announced they will stop targeting U.S. and U.K. ships. However, many shipping companies are still hesitant to return to the canal.
Since November 2023, the Houthis have carried out over 100 attacks on ships, sinking two vessels and forcing companies to reroute ships around Africa.
However, on January 20, the Houthis announced that they would limit their attacks to vessels linked to Israel after the Gaza ceasefire.
Reference: Bloomberg
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