Shipping volumes through the Suez Canal more than halved last week, while volumes on the alternative route around the Cape of Good Hope surged, as attacks by Houthi rebels on commercial vessels force major operators to divert away from the key global trade artery.
Egypt's Suez Canal shipping volumes in the week ending February 13 dropped 55 per cent from the same period a year ago, while volumes around the Cape of Good Hope rose nearly 75 per cent, according to the latest data from the International Monetary Fund's PortWatch platform.
The latest figures underscore the continuing effects of the shipping crisis in the Red Sea, which has dragged on for three months with no end in sight.
Many shipping companies have rerouted their vessels away from the Red Sea to avoid the attacks, opting instead for the longer and more expensive route around the Cape of Good Hope in South Africa.
The Suez Canal is the shortest sea route between Asia and Europe. With about 12 per cent of the world's shipping traffic passing through it, the waterway is a major facilitator of global trade.
Vessels passing the Suez Canal decreased by an estimated 42 per cent compared to its peak, the UN trade arm Unctad said in a report this week.
With major players in the shipping industry temporarily diverting vessels from the Suez, weekly container ship transits have fallen by 67 per cent, and container carrying capacity, tanker transits, and gas carriers have experienced significant declines, Unctad said.
“Mounting uncertainty and shunning the Suez Canal to reroute around the Cape of Good Hope is having both an economic and environmental cost, also representing additional pressure on developing economies,” it said.
The declining Suez Canal shipping volumes, and the ensuing drop in revenue, is the latest headache for Egyptian authorities already grappling with economic challenges.
Income from the international strategic waterway in January dropped to $428 million, compared to $804 million in January 2023, Osama Rabie, chairman of the Suez Canal Authority, said earlier this month.
The total number of ships passing through the Suez Canal fell to 1,362 vessels last month, down 36 per cent compared with the 2,155 vessels that navigated the canal during January 2023, he said.
Houthi militants in Yemen began attacking commercial vessels in solidarity with the Palestinians in the Israel-Gaza war, and show no signs of retreating despite the US and Western allies attempting to deter the Iran-backed group with air strikes.
Before the Israel-Gaza war, Egypt was collecting about $700 million per month in Suez Canal transit fees, the IMF's managing director Kristalina Georgieva said earlier in February.
However, the country is now losing “hundreds of millions of dollars” per month because of the Houthi attacks on shipping in the Red Sea.
The canal is a crucial source of foreign currency for Egypt. The North African economy, already grappling with record inflation and a heavy debt burden, has been hit hard by the Gaza war, which has also slowed tourism.
Egypt and the IMF “continue to make excellent progress” on the talks for a comprehensive support package for the North African economy, IMF spokeswoman Julie Kozack said on Thursday.
“The IMF team and the Egyptian authorities have agreed on the main elements of a programme, and the authorities have expressed a strong commitment to it,” she said.
Ms Kozack decline to provide further details as discussions are continuing.
“There is a need to have a very comprehensive support package for Egypt. And we're working very closely with both the Egyptian authorities and their partners to ensure that Egypt does not have any residual financing needs and also to ensure that the programme is able to … ensure macroeconomic and financial stability in Egypt,” she said, when asked about the potential impact of refugees moving from Gaza into Egypt.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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UAE currency: the story behind the money in your pockets
