Osama Rabi, the chairman of Egypt's Suez Canal Authority, said that since February 1, 47 ships had been diverted from Cape of Good Hope into Suez Canal.

Rabie stated earlier this month that the Red Sea Crisis did not create an alternative route for the canal, and that there are positive indicators of the return to stability in the area.

Since November 2023, Houthi militants backed by Iran have attacked vessels near the Red Sea. This has disrupted global shipping, forcing ships to bypass the Suez Canal, reroute their trade around Africa and raise shipping costs.

According to Abdel Fattah Al-Sisi, Egyptian president Abdel Fatah al Sisi, the disruption will cost Egypt $7 billion less in revenue from the Suez Canal by 2024. (Reporting and writing by Yousry Mohammed; Editing by Tomasz Janovowski)

(source: Reuters)