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Now shipping traffic through the Su Canal fell 20% just between December the 24th and January the 2nd compared to a year ago that’s according to Port watch platform after shipping companies began rerooting vessels in response to attacks by Yemen’s hooes from December the 15th when MK became the first shipper to
Announce diversions until January the 2nd the most recent date for which international monetary funds put watch has data the number of tankers and cargo ships passing through the crucial shipping Lane fell by 10% but 7day averages only began dipping on December 24th as the numbers of shiers forgoing
The crucial time and field saving rout around Africa swelled other major companies to have announced diversion of ships following missile and drone attacks by the Iran align hooes include hang la and MSC this canal is an important source of dollar revenues for cash strap Egypt but Canal authorities have not
Commented on any loss in Revenue now let’s get more on this uh joining us from Cairo the capital of Egypt we have Dr Adel Abdul Abdul Muslim Mani he’s the chairman of Evergreen Egypt United uh joins us virtually obviously I thank you so much Dr Adel good afternoon good afternoon we welcome and
Thanks for having me good to have you so we’ve been we’ve been talking a whole lot about you know the SW canel and you know the impact and now we’ve seen shipping activities have dropped by 20% in less than 2 weeks for you as a business person in Egypt how is this
Affecting you your business and and Runnings let us say first yes as your report said the Serv Canal uh the most important navigation linking the trade between East and West uh now uh wheni and the war in Gaza happened this make a big damage because last year is 20% of the
Total uh trade uh global trade volume bed by uh service Canal this time 20% of that come less now because a lot of Shipping Lines sto to BU by service Canal and other Shipping Lines make the insurance very expensive that actually uh uh impacts our business by very hard
Way we have a lot of trade coming from China and from other countries in Far East all this trade now is not not sto but almost stopped because the container used to be 3,000 sorry used to be $3,000 for one container from China any any seport in
China to Egypt now the container B $12,000 so that is a lot of heavy cost for the uh on our on us as a importer and on the last consumer by the way so that’s big damage but we hope that uh the International Collision will be effective in breing the bab mandab and
Uh uh entrance of the Red Sea so have we are you feeling I mean have you seen this translating to higher prices of goods or services in Egypt has that started happening uh transfer to higher price of goods and rare of goods actually because uh many of The Shipping Lines already
Bus uh from cap Town not from s can and other which come to Z Canal increase the insurance by very highway so both damage we have both impact for our business in Egypt we have by what happened from hii in the entrance of Richi and it looks like there’s nothing
The governments in Egypt can do about this because I mean the SWS Canal the Red Sea these are more of global trade routes and not just a government controlling actually we’re looking forward two things first the the war in Gaza will not will not continue for for no end and
The second uh the international uh Global uh countries including Egypt can do something in bab Mand to stop such kind of attack fromi to the uh Shipping Lines our right Dr Adel muslimani thank you so much uh the chairman of Evergreen Egypt United thank you so much for sharing your thoughts
This afternoon welome you’re welcome thank you