Egypt Forced to Raise Suez Canal Rates Due to Reduced Traffic

The decline in shipping via the Red Sea and the Suez Canal due to Houthi attacks on shipping near Yemen has started to hit Egyptian toll revenues, which amount to 2% of its GDP, and Egypt is searching for ways to cope with the problem, according to reporting by Globes.

Egypt has thus far tried two approaches: they have raised toll rates 5-15%, and they have also reportedly asked Houthi rebels to only target Israeli ships.