Cairo: Houthi attacks in the Red Sea have severely disrupted maritime navigation through the Suez Canal, with the number of transiting ships dropping from 70-80 vessels per day to just 30-35, said Admiral Osama Rabie, Chairman of the Suez Canal Authority (SCA), during celebrations marking the 69th anniversary of the Canal's nationalization. According to State Information Service Egypt, despite daily challenges, Admiral Rabie emphasized that the Suez Canal remains one of the world's most vital maritime routes. He stressed that the Canal's long history of overcoming adversity is a testament to its resilience and the professionalism of those managing it-a reputation that has earned the Suez Canal numerous international accolades in recent years. The SCA Chairman also urged insurance companies to reconsider the elevated premiums imposed on vessels transiting the Red Sea. He called for sending reassuring messages to global shipping lines to encourage the resumption of normal traffic through the Red Sea and Suez Canal. As a result of the ongoing tensions in the Red Sea and the Bab al-Mandeb Strait, the Suez Canal's revenues plummeted by 61% in 2024, falling to $3.991 billion from $10.25 billion in 2023. On March 9, 2025, President Abdel Fattah El-Sisi announced that Egypt is currently losing approximately $800 million per month in Suez Canal revenues due to regional instability.