Suez Canal disruption: What is at stake for Egypt and global economy?

Ahram Online discussed the issue with Dr. Ihab El-Gamal, an economic researcher, and Medhat El-Kady, chairman of the Egyptian International Freight Forwarding Association (EIFFA).

“The current crisis is huge and could impact the revenues of the Suez Canal as the crisis persists and more shipping companies resort to using the Cape of Good Hope instead of the Suez Canal,” El-Kady warned.

On Sunday, Chairman of the Suez Canal Authority (SCA), Osama Rabie, stated that 55 ships have switched to the Cape of Good Hope route since 19 November.

Rabie said this number constitutes a small percentage compared to the total number of ships, 2,128, that crossed the Suez Canal during the same period.

The Cape of Good Hope route was a vital trade path between Europe and Asia.