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The Suez Canal, a vital artery for global trade, has faced a significant downturn in transit receipts in the first quarter of 2024, and according to a statement released Monday by the Central Bank of Egypt (CBE), the canal's transit receipts plummeted by 57.2 percent, amounting to 959.3 million U.S. dollars. This sharp decline highlights the challenges facing this crucial maritime route.

Chairman of Egypt's Suez Canal Authority (SCA) Osama Rabie announced on Monday that the SCA is prepared to provide services to alleviate the impact of the ongoing tension in the Red Sea on ships transiting through the region.