Suez Canal Authority (SCA) Chairman Osama Rabie said in a statement that “the current situation and unprecedented challenges in the Red Sea region” pushed shippers to seek alternative navigational routes away from the Suez Canal.
According to the SCA, the number of ships passing through Suez decreased by 49% since Jan, and revenues slashed from $9.4 bn to $7.2 bn **
(* basis : 3,5 TBtu cargo at $14/mmBtu = $49 million per cargo)
(** fiscal year 2023/2024 vs.fiscal year 2022/2023; Egypt fiscal year begins on July 1st)
Wideangle LNG 