Suez Canal Authority Chairman Osama Rabie said today that the Red Sea crisis did not create a sustainable route to replace the canal, adding that there were positive indicators for the return of stability in the region, Reuters reported.

The Houthis attacked Israel-linked vessels in the Red Sea area from November 2023, disrupting global shipping lanes by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising the costs for insurers. The Houthis said their actions were in support of Palestinians in Gaza who were under Israeli bombardment.

Egyptian President Abdel Fattah Al-Sisi said in December the disruption cost Egypt around $7 billion in revenue from the Suez Canal in 2024. That’s a drop of more than 60 per cent from its revenue a year before from the canal, Al-Sisi said.

Houthi attacks stopped as a ceasefire came into effect between Israel and Palestinians group Hamas on 19 January.