Suez Canal Revenue Surges as Tankers Bypass Red Sea Threats

The surge in transit volume reflects a frantic re-routing effort by global energy producers. Data from the Egyptian statistics agency CAPMAS shows 1,340 vessels passed through the canal in July, a 27% year-on-year increase. Oil tanker traffic specifically climbed to 526 vessels, up from 485 in June, as operators scramble to navigate around the volatile waters of the southern Red Sea.

Saudi Arabia is at the center of this logistical pivot. Following Houthi threats and direct attacks on tankers, the kingdom has intensified its reliance on the SUMED pipeline. Crude is now being shuttled from the Red Sea port of Yanbu to Ain Sukhna, then piped to the Mediterranean port of Sidi Kerir to avoid the high-risk maritime chokepoints. For shipments heading to Asia, the alternatives are increasingly grim, with some operators opting for the grueling, lengthy voyage around Africa to ensure cargo safety.