Egypt’s Suez Canal Authority reported that 47 ships have rerouted from the Cape of Good Hope since February. The Red Sea crisis, caused by Houthi attacks, has disrupted global shipping, costing Egypt $7 billion in lost revenue.

According to Reuters, the Chairperson of Egypt's Suez Canal Authority, Osama Rabie, stated on Sunday that a total of 47 ships have been rerouted from the Cape of Good Hope to the Suez Canal since the beginning of February.

Earlier this month, Rabie emphasized that the ongoing Red Sea crisis has not established a sustainable alternative route to the Suez Canal. He also noted that there were positive indications suggesting a return to stability in the region.

Since November 2023, Iran-backed Houthi fighters have been launching attacks on vessels in the Red Sea, significantly disrupting global shipping. These attacks have forced ships to avoid the Suez Canal and instead take the longer route around Africa via the Cape of Good Hope, leading to increased shipping costs and logistical challenges.

In December, Egyptian President Abdel Fattah al-Sisi disclosed that the disruption in maritime trade had caused Egypt to lose approximately $7 billion in revenue from the Suez Canal in 2024.