Egypt is losing more than $9 billion in annual revenue from the Suez Canal because of the situation with navigation in the Red Sea, Egypt’s Foreign Minister Badr Abdelatty noted during a speech in New Delhi, India.

Egypt is the most affected by the escalation in the Red Sea. It is losing more than $9 billion a year and suffering net losses, the Egyptian FM emphasized.

He added that 20 to 25 ships currently pass through the Suez Canal in both directions daily, whereas before the escalation, more than 75 ships were passing each day.

Abdelatty stated that Cairo is working together with a number of partners, including Russia, the EU, India, China, and the United States, to resolve the current situation.

Before the latest phase of escalation in the Middle East, Egypt’s revenue from the Suez Canal had reached $10 billion. The canal’s cash inflows are among the main sources of Egypt’s budget income and a significant source of foreign currency. However, since the fall of 2023, Egypt has been losing revenue from the canal, as many ships have been forced to change their routes out of fear of shelling by Yemen’s rebel Ansar Allah (Houthi) movement, which attacks commercial vessels in the Bab el-Mandeb Strait — in solidarity with the Palestinian Hamas movement.