Osama Rabei, Chairman of Egypt’s Suez Canal Authority, announced on Sunday that 47 ships have been rerouted from the Cape of Good Hope to the Suez Canal since the beginning of February.
Earlier in the month, Rabei stated that the ongoing crisis in the Red Sea had not created a viable alternative route to the canal, noting positive signs of stability returning to the region.
Since November 2023, Iran-backed Houthi militants have attacked vessels in the Red Sea, causing significant disruptions to global shipping. This has led many vessels to bypass the Suez Canal, rerouting trade around Africa and increasing shipping costs.
In December, Egyptian President Abdel Fattah al-Sisi revealed that these disruptions cost Egypt an estimated $7 billion in lost revenue from the canal in 2024.