10 facts you need to know about the situation in the Red Sea

The Red Sea is a critical maritime route for Egypt, connecting the Mediterranean Sea to the Red Sea and the Suez Canal, which plays a pivotal role in global trade.

Since November 19, 2023, 55 ships have chosen to divert from their usual route through the Suez Canal to take the longer Cape of Good Hope route, partly due to security concerns in the Red Sea.

While 55 ships have opted for the Cape of Good Hope route, a total of 2,128 ships have continued to cross the Suez Canal during the same period, according to the Chairman of the Suez Canal Authority, Osama Rabie.

The Suez Canal remains a vital trade pathway, offering significant time and cost savings for ships traveling between Asia and Europe, with savings ranging from nine days to two weeks depending on the route.

Attacks by Iranian-backed Houthi rebels in the Red Sea have raised concerns among shipping companies, leading to the suspension of passage through the Bab Al-Mandeb strait, a key access point to the Suez Canal.

The Houthi attacks on vessels have targeted those with links to Israel, causing disruptions in international trade and leading to ship diversions.

The rerouting of ships around Africa to avoid the Red Sea has significant implications for global trade, potentially causing delays at ports and supply chain disruptions.

Brent crude oil prices rose to over $80 per barrel due to concerns over the impact of Houthi attacks on ships in the Red Sea, which can affect global energy markets.

The Suez Canal is crucial for transporting oil and liquefied natural gas (LNG), and disruptions in canal traffic can influence global energy prices and market dynamics.

Egypt heavily relies on the revenues generated from the Suez Canal, making the current situation in the Red Sea a matter of economic significance for the country.