Suez Canal revenue increased by 42% in Tir compared to last year, because the closure of the Strait of Hormuz in practice and the Houthis’ threat in the southern Red Sea diverted more vessels to Egypt’s waterway.

Based on data from Egypt’s statistics agency, 1,340 ships passed through the canal in Tir, which was 27% more than in Tir last year. Tankers accounted for 526 of the ships transiting in Tir, and canal revenue reached $505 million, the highest monthly figure since Azar 1402.

Osama Rabie, head of the Suez Canal Authority, said this year’s revenue will reach between $5.8 billion and $6 billion.