Egypt has suffered severe economic losses from vessels rerouting from the Red Sea due to Houthi attacks.
The country’s foreign minister, Badr Abdel Aati, said drastically reduced Suez Canal transits have cost $6bn in missing revenue, according to Shafaq News.
The minister was meeting International Maritime Organization secretary general Arsenio Dominguez to talk about the issue.
More than 100 ships have been attacked since the Houthis launched their campaign against shipping in November last year in response to Israel’s war in Gaza.
Suez transits have plunged 70% in gt terms compared with 2023 average levels, UK shipbroker Clarksons said.
Crossings by container ships, car carriers, cruise ships and LNG carriers are all down about 90% or more.
Bulker and tanker journeys are between 40% and 50% lower.
On Sunday, the Houthis vowed to keep chasing vessels they believe to be affiliated with Israel, even after their sale to third-party interests.
The Yemeni rebel group’s spokesman, Yahya Saree, stated that any attempt to bypass the group’s self-styled blockade on Israeli trade by transferring ships to third-party interests or by switching their ownership, flag or registration is futile.
The Houthis will maintain such assets on their target list, it was stressed.
Saree said the decision was taken after “intelligence information” allegedly confirming that such transfers are taking place “in the context of circumventing the punitive measures taken by the Republic for Yemen against those ships and companies”.
The Houthis have wide target list that goes well beyond vessels directly owned by Israeli, US and UK interests to include ships merely trading with Israel or even just belonging to companies with other vessels trading in that country.
