The Suez Canal, is a key source of foreign currency for Egypt, and authorities have been trying to boost its revenues in recent years
The longer route around the Cape of Good Hope, to avoid attacks by Yemen’s Houthis in the Red Sea, has pushed up shipping costs as well as emissions
According to data provided by EIA, total US trade around the cape rose by about one-third, in the first six months of 2024
The Red Sea crisis has disrupted global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa
The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%
As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line
The Red Sea tensions have spurred cargo delivery disruptions and soaked up excess vessel capacity, raising global shipping costs
The Rubymar went down in the southern Red Sea late on Friday or early on Saturday
IMF spokesperson told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of program changes
Retailers calling for firm action include members such as supermarket giants Carrefour, Lidl, M&S, and Tesco
The Egyptian pound, fixed at EGP30.85 to the dollar since March, traded on the black market earlier this month as low as EGP71 to the dollar
Navigation movement in Egypt’s Suez Canal is regular from both directions, says a top official from that country
The Suez Canal is an important source of dollar revenues for Egypt
Blinken’s visit to the region comes amid an escalation to the crisis in the Middle East
About 12 per cent of world shipping traffic transits the canal and 4-8 per cent of global LNG cargoes have passed through it in 2023
The Suez Canal Authority has said compensation is needed to cover losses of transit fees
Overall, 422 vessels passed through since the tanker was freed on March 29
Hundreds of vessels carrying everything from oil to livestock were forced to wait in line after the Ever Given became stuck in the canal
Ever Given has been stuck since Tuesday, causing a backlog of hundreds of ships and snarling global supply lines
The Suez Canal Authority temporarily suspended navigation in the canal on March 25
About 12 per cent of global trade goes through the Suez
A US inventory report showed domestic fuel consumption is at the highest in four months