Suez Canal Traffic Recovers as Ceasefire Eases Red Sea Tensions

Suez Canal Traffic Recovers as Ceasefire Eases Red Sea Tensions
Suez canal (FILE)

Egypt’s Suez Canal has seen 47 ships return since early February, following a Gaza ceasefire that reduced Houthi attacks on Red Sea shipping, the canal authority said in a statement Sunday according to Bloomberg. Authorities expect full recovery by mid-year. The disruption had slashed canal revenues by 60% according to Reuters, costing Egypt an estimated $7 billion this financial year.

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