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The chairman of the Suez Canal Authority warned on Thursday that the pivotal shipping passage lost nearly 25 percent of its revenue in the 2023-2024 fiscal year, largely as a result of attacks on civilian commercial ships by Yemen’s Iran-backed Houthi terrorists.
Houthi leaders celebrated the killings and immediately began condemning Israel for attempting to defend itself from future attacks.The Houthi war on Israel has mostly taken the form of attacks on random civilian ships in the Red Sea, which Yemen has privileged access to thanks to its position on the Bab el-Mandeb strait.
“Egypt’s revenues from the Suez Canal declined to $7.2 billion during the fiscal year 2023/2024 from $9.4 billion in FY2022/2023 due to ongoing Red Sea tensions,” Rabie reportedly explained. “Rabie said 20,148 ships carrying a net of one billion tons transited the canal during FY2023/2024, which ended on 30 June, down from 25,911 ships carrying a net of 1.5 billion tons in FY 2022/2023.
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