Suez Canal Traffic Recovers as Ceasefire Eases Red Sea Tensions

Egypt’s Suez Canal has seen 47 ships return since early February, following a Gaza ceasefire that reduced Houthi attacks on Red Sea shipping, the canal authority said in a statement Sunday according to Bloomberg. Authorities expect full recovery by mid-year. The disruption had slashed canal revenues by 60% according to Reuters, costing Egypt an estimated $7 billion this financial year.