Suez Canal revenue has plunged 60% this year, a loss of $7 billion for Egypt, amid attacks on shipping in the Red Sea and ongoing regional tensions.
President Abdel Fattah al-Sisi in a statement blamed rising geopolitical challenges for the decline but offered no other details, according to published reports.
Egypt collects tolls on vessels that transit the canal, a key route for maritime commerce. That amounted to $9.4 billion in 2023, or 15% of the foreign currency entering the country.
At the same time, a dredging project to test two-way vessel transit was termed a success, the Suez Canal Authority said in a statement Saturday. Currently only some sections of the canal accommodate two-way transits via a parallel waterway opened in 2015. Two-way traffic could eventually increase the waterway’s vessel capacity, and avoid catastrophic shutdowns such as the 2021 grounding of the container ship Ever Given which blocked canal traffic for six days.
Since late 2023, Houthi fighters based in Yemen have disrupted global trade by attacking merchant and naval vessels in the Red Sea, just south of the canal. Most major container ship operators have diverted ships away from the region and on longer, more expensive voyages around the Horn of Africa, for services connecting Asia with the United States, Mideast and Mediterranean. The diversions have pushed up shipping rates and boosted carriers’ profits by billions of dollars.
Through November, it had been 40 weeks since an ultra-large container ship (ULCS) of 18,000 or more twenty foot equivalent units (TEU) capacity had traversed the canal, according to Alphaliner.
A multinational force of American and European military has patrolled the area, providing escorts for merchant vessels.
The Iran-backed Houthis have said the missile and drone assaults are in solidarity with Palestinians in the Israel-Hamas war. But the attacks have recently tailed off as Iran grapples with its own internal issues, and the Houthis have increasingly targeted Israel itself. The fall of the Assad regime in Syria and withdrawal of Russia from ports there have added to the uncertainty surrounding events in the Middle East.
Some observers forecast a return of Red Sea shipping services as security improves, but likely not until the second half of 2025.
This article was updated Dec. 29 to add information on the Canal’s test of two-way vessel traffic.
The Suez Canal, one of the world’s busiest shipping lanes, has reported a significant drop in toll revenue by 60% as a result of the global pandemic. In an effort to increase revenue and efficiency, the canal has begun testing two-way traffic for the first time in its history.
The Suez Canal Authority has stated that the drop in revenue is due to a decrease in global trade and shipping activity caused by the pandemic. In response, they have implemented new measures to increase traffic flow and revenue, including allowing ships to travel in both directions at the same time.
This new system of two-way traffic is expected to reduce waiting times for ships and increase the number of vessels passing through the canal each day. The Suez Canal Authority hopes that this will help to boost revenue and make the canal more competitive in the global shipping industry.
Despite the challenges posed by the pandemic, the Suez Canal remains a crucial artery for international trade, connecting Europe and Asia and handling around 12% of global trade. By adapting to the current economic climate and implementing innovative solutions, the canal is working to ensure its continued success in the future.
Egypt’s Suez Canal has seen its revenues nosedive by more than 60 percent in 2024 compared to the previous year, amounting to a staggering $7 billion loss, according to a statement released on Thursday.
The canal, which facilitates 12 percent of global trade and is a lifeline for Egypt’s battered economy, has been heavily impacted by Israel’s war on Gaza and the Houthis in Yemen.
Yemen’s Houthi movement has threatened ships carrying goods to Israel, effectively disabling trade passing into the Red Sea through the Bab el-Mandeb Strait.
Since November 2023, the Houthis have launched nearly 100 attacks on ships in the Red Sea, actions they say are in solidarity with Palestinians suffering under Israel’s war on Gaza, which has killed more than 45,400 people and wounded at least 107,940 Palestinians.
The Houthis have said they will stop their attacks if Israel’s war on Gaza stops.
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Israel faces charges of genocide at the International Court of Justice (ICJ), and human rights organisations have published a vast body of evidence detailing ethnic cleansing and war crimes committed by the Israeli army.
The International Criminal Court (ICC) is also pursuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant on charges of war crimes and crimes against humanity in connection with Israel’s war on Gaza.
Houthi attacks have prompted many shipping companies to reroute their vessels around the Cape of Good Hope in South Africa, bypassing the Suez Canal altogether.
Egypt’s growing political instability
Despite attacks by the United States, Britain and Israel on Yemeni territory, the Houthi military operations have continued unabated.
The disruptions in the Red Sea have dealt a devastating blow to Egypt, which is already reeling under a worsening economic crisis.
Inflation is soaring, the currency is in freefall, and millions of Egyptians are grappling with a spiralling cost-of-living crisis.
The dire state of Egypt’s economy is mirrored by its political instability, particularly in the wake of Syrian President Bashar al-Assad’s fall.
Israel fears Assad’s fall could embolden protesters in Egypt and Jordan
While Abdel Fattah el-Sisi, Egypt’s authoritarian leader, has avoided directly commenting on Assad’s ousting, his recent statements reflect growing anxiety about his own grip on power.
“My hands are not stained with anyone’s blood, nor have I stolen anyone’s money,” Sisi declared defensively to military leaders and journalists earlier this month.
The remarks, made in the shadow of Assad’s collapse, appear to betray his unease.
Sisi, who seized power through a military coup a decade ago, now holds the dubious distinction of being the region’s most oppressive ruler.
Under his regime, over 65,000 political prisoners languish in Egyptian jails. Forced disappearances are routine, and torture has become so systematic that human rights organisations describe it as a state policy amounting to crimes against humanity.
With revenues from the Suez Canal collapsing, Egypt’s tourism and remittance sectors will face increased pressure to prop up an economy teetering on the brink.
The Suez Canal, a vital waterway connecting Europe and Asia, has seen a significant decrease in revenues amid economic and political uncertainties in Egypt. According to recent reports, revenues from the canal have plunged by 60 percent, raising concerns about the country’s financial stability.
The decline in revenue can be attributed to a combination of factors, including the impact of the COVID-19 pandemic on global trade, as well as ongoing political turmoil in Egypt. The country has been facing economic challenges for years, with high unemployment rates and inflation putting pressure on the government to find new sources of revenue.
The Suez Canal is a major source of income for Egypt, generating billions of dollars in revenue each year. The decrease in revenue is likely to have a significant impact on the country’s economy, as well as its ability to invest in infrastructure and development projects.
The Egyptian government has been working to attract more ships and increase traffic through the canal in an effort to boost revenues. However, with ongoing political instability and economic challenges, it remains to be seen whether these efforts will be successful in the long term.
As Egypt continues to grapple with economic and political turmoil, the future of the Suez Canal remains uncertain. The country will need to address these challenges in order to ensure the long-term viability of this critical waterway.
Se juega la final de la CopaPacífica2024, como parte de la pretemporada de los equipos de Jalisco y el 50 aniversario de los felinos de la Universidad de Guadalajara.
Este domingo 29 de diciembre de 2024 Chivasy Leones Negros disputarán un juego amistoso en la final del certamen, mientras que Atlas y Tapatío jugarán el partido por el tercer lugar. Conoce el horarioy dónde podrás ver la final por la Copa Pacífica 2024 entre el Rebaño Sagrado y la Universidad de Guadalajara.
¿Cómo llegan?
El Club DeportivoGuadalajara disputó su partido de semifinal del certamen ante los Zorros Rojinegros del Atlas, en un encuentro que dejó mucho que desear en el tiempo regular, pues ambas escuadras empataron 0-0. Sin embargo, los rojiblancos lograron imponerse ante sus rivales por medio de la tanda de penales para avanzar a la cita final de la Copa Pacífica 2024.
Por otra parte, los Leones Negros de la U de G golearon 3-0 al conjunto del Tapatío en la otra llave de la semifinal, por lo que hoy buscarán sorprender al Rebaño Sagrado y levantar el título conmemorativo en honor a sus cinco décadas de historia.
Estos partidos amistosos servirán de preparación para ambas escuadras, previo al arranque de actividades en Liga de Expansión y Liga MX para 2025.
Últimos resultados
Chivas
Chivas (5) 0-0 (4) Atlas (semifinal Copa Pacífica 2024)
Mineros de Zacatecas 0-0 Chivas (partido amistoso)
Chivas 1-2 Atlas (Play In Apertura 2024)
Chivas 0-1 Atlético de San Luis (jornada 17 – Apertura 2024)
Leones Negros 3-0 Tapatío (semifinal Copa Pacífica 2024)
Tapatío 2-2 Leones Negros (semifinal Liga de Expansión Apertura 2024)
Leones Negros 2-2 Tapatío (semifinal Liga de Expansión Apertura 2024)
Leones Negros 3-1 Mineros de Zacatecas (cuartos de final Liga de Expansión Apertura 2024)
Mineros de Zacatecas 2-2 Leones Negros (cuartos de final Liga de Expansión Apertura 2024)
¿A qué hora juegan Chivas HOY?
Fecha: domingo 29 de diciembre de 2024.
Horario: 19:00 horas (tiempo del centro de México).
Sede: Estadio Jalisco.
¿Dónde ver Chivas vs Leones Negros EN VIVO hoy en México?
La final de la Copa Pacífica no irá por televisión abierta. Únicamente podrás presenciar el juego a través de las siguientes opciones:
Claro Sports
Hi Sports TV
TVC Deportes
De igual manera, Mediotiempo.com traerá para ti el minutoaminuto de la acción entre Chivas y Leones Negros.
¡No te pierdas el emocionante partido entre Chivas y Leones Negros en vivo! El encuentro se llevará a cabo este sábado a las 7:00 pm y podrás disfrutarlo en el canal de televisión de tu preferencia. ¡Prepárate para vivir la pasión del fútbol en este enfrentamiento imperdible! #ChivasvsLeonesNegros #EnVivo #FútbolMexicano
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Chivas vs Leones Negros, en vivo, horario, canal, Liga MX, fútbol, partido, transmisión, en directo, streaming
President-elect Donald Trump has repeatedly suggested the United States take over the Panama Canal, a shipping waterway that cuts across Central America, unless fees for using the canal are lowered.
Panama’s leader shot back in a recent statement, saying the waterway is not for sale. Since then, Trump has posted repeatedly about the canal.
Here’s what to know about the history of the Panama Canal and the United States’ involvement with the shipping lane.
History of the Panama Canal
The Panama Canal was built by the United States between 1904 and 1913, and opened in 1917. Building the canal cost about $375 million, making it the most expensive construction project in U.S. history at that time, according to the Panama Canal Authority. Thousands of laborers died during the grueling construction process.
The canal connects the Pacific and Atlantic Oceans, offering ships a shortcut to avoid going around the tip of South America. The canal revolutionized shipping traffic in the region.
The U.S. acquired the rights to build and operate the canal in the early 20th century, but at the time, Panama was in the process of seceding from Colombia, whose senate was refusing to ratify a treaty that would allow the canal to be built, according to the State Department’s Office of the Historian.
Theodore Roosevelt sits in a the carriage of a crane at the Panama Canal, while workers look on.
CORBIS/Corbis via Getty Images
To ensure the canal could be built, then-President Theodore Roosevelt supported Panamanian independence, and in 1903, the U.S. and Panama signed a treaty that established permanent U.S. rights to a “Panama Canal Zone” that stretched across the nation. However, the person who negotiated on Panama’s behalf did not have formal consent from the nation’s government and had not lived in the country for 17 years, causing many Panamanians to question the treaty’s validity, according to the Office of the Historian.
Throughout the 20th century, the U.S. and Panama dealt with tensions surrounding the canal, including a riot in the 1960s that led to a brief disruption in diplomatic relations between the countries. In 1967, the U.S. and Panama began negotiating a new treaty, eventually reaching an agreement, but a change in elected leaders and a coup in Panama led to the establishment of a new government in the Central American nation, according to the Office of the Historian. Because of that, the negotiations “suffered a major setback.”
Negotiations continued through the ’70s. When Jimmy Carter was elected president, he made concluding the negotiation process a priority, and in 1977, two treaties were submitted to the U.S. Senate: the Neutrality Treaty, which said the U.S. could use its military to defend the canal, allowing “perpetual U.S. usage” of the waterway, and the Panama Canal Treaty, which would end the existence of the Panama Canal Zone and allow the canal to be turned over to Panama in December 1999. As part of the second treaty, Panama would also become primarily responsible for defending the canal.
President Jimmy Carter and Panamanian leader Brigadier General Omar Torrijos shake hands after signing the Panama Canal Treaty in 1977.
HUM Images/Universal Images Group via Getty Images
Who operates the Panama Canal?
The Panama Canal has been owned and operated by the Panama Canal Authority, a government-owned agency, since 1999. The agency was established shortly before the canal was returned to Panama.
Since taking control of the waterway, the Panama Canal Authority has invested billions in expanding the canal. A $5.25 billion expansion of the canal opened in 2016, doubling the waterway’s capacity and cutting global maritime costs by an estimated $8 billion a year, CBS News previously reported. The expansion also allowed larger ships to pass.
Who uses the Panama Canal?
About 40% of the world’s cargo ship traffic moves through the Panama Canal, CBS News previously reported, though recent droughts have forced operators to reduce ship crossings.
About two-thirds of the traffic in the canal is either headed for or leaving the United States, though ships from all over the world use the waterway each day, according to the Panama Canal Authority.
A bulk carrier navigates through the Panama Canal on Monday, Dec. 23, 2024.
Tarina Rodriguez/Bloomberg via Getty Images
Between 13,000 and 14,000 ships use the canal each year, the agency said.
Trump and Panamanian president clash
Trump first seemed to suggest the United States should take over the Panama Canal in a TruthSocial post on December 21.
He also raised the issue to a crowd of supporters at Turning Point’s AmericaFest on Sunday, where he said Panama is charging “exorbitant prices” and said the “complete ripoff of our country will immediately stop.”
“If the principles, both moral and legal, of this magnanimous gesture of giving, are not followed, then we will demand that the Panama Canal be returned to the United States of America, in full, quickly and without question,” Trump said.
On Wednesday, Trump said he would nominate Miami-Dade International Trade Consortium member Kevin Marino Cabrera to be the U.S. ambassador to Panama. In that announcement, he accused Panama of “ripping us off on the Panama Canal, far beyond their wildest dream.”
Trump continued to post online about the U.S. regaining ownership of the canal, and referenced the canal in a Christmas Day message shared on TruthSocial. He warned of potential influence from China at the shipping waterway, though there is no Chinese presence at the canal, according to Reuters. A Hong Kong-based company manages two ports along the canal, Reuters said.
Panama President José Raúl Mulino said in a statement shared on social media that “every square meter” of the canal “belongs to Panama and will continue belonging to Panama.”
“We’ll see about that!” Trump wrote online in response.
Mulino responded to Trump again in a news conference on Thursday, saying that “anyone in the world is free to visit the canal” and adding that “there is not a single Chinese soldier in the canal, and on the other hand, there will not be, and we maintain a respectful, well-managed relationship with China.” Mulino hosts weekly news conferences.
Panama’s President Jose Raul Mulino speaks during his weekly press conference at the presidential palace in Panama City on December 26, 2024.
ARNULFO FRANCO/AFP via Getty Images
Mulino said that while there are “delicate problems such as immigration” that both he and Trump “are concerned about as presidents,” the two leaders have “nothing to discuss” as far as ownership of the Panama Canal.
“The specific approach, the Canal is Panamanian and belongs to Panamanians, there is no possibility of opening any kind of conversation about this reality that has cost the country tears, sweat and blood to achieve,” Mulino said.
Kerry Breen is a news editor at CBSNews.com. A graduate of New York University’s Arthur L. Carter School of Journalism, she previously worked at NBC News’ TODAY Digital. She covers current events, breaking news and issues including substance use.
The Panama Canal is not for sale, Panama’s president has declared. This vital waterway, connecting the Atlantic and Pacific Oceans, has been a source of national pride and economic prosperity for Panama since it was opened in 1914.
The history of the Panama Canal dates back to the late 19th century when the French attempted and failed to build a canal through Panama. The United States took over the project in 1904 and completed it in 1914. The canal has since been a key strategic asset for global trade, shortening the journey between the East and West coasts of the Americas.
In 1999, Panama gained full control of the canal under the Torrijos-Carter Treaties, marking a significant moment in the country’s history. Since then, Panama has managed and operated the canal, overseeing its expansion and modernization to accommodate larger ships and increased traffic.
Despite rumors and speculation about the potential sale of the canal, Panama’s president has firmly stated that it is not for sale. The canal remains a critical piece of infrastructure for Panama and a symbol of national sovereignty.
As one of the busiest and most important waterways in the world, the Panama Canal plays a crucial role in global trade and commerce. Its history and status as a key asset for Panama underline the country’s commitment to managing and protecting this vital resource for generations to come.
Germany 1910 Navy SMS Bremen MSP64 Feldpost Cover Panama Canal Americas S 107501
Price : 38.40
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Germany 1910 Navy SMS Bremen MSP64 Feldpost Cover Panama Canal Americas S 107501
In 1910, the German Navy’s SMS Bremen made a stop at the Panama Canal during its journey through the Americas. A rare Feldpost cover from this historic voyage, bearing the marking MSP64 and serial number S 107501, has recently surfaced, providing a glimpse into the naval activities of the era.
This unique piece of postal history offers a window into the strategic importance of the Panama Canal in the early 20th century, as well as the global reach of Germany’s navy. The SMS Bremen, a light cruiser, played a crucial role in the German Navy’s operations during this time period, and its visit to the Panama Canal was likely part of a larger mission to assert Germany’s presence in the Americas.
Collectors and history enthusiasts alike will appreciate the significance of this Feldpost cover, which serves as a tangible reminder of a bygone era of naval power and global exploration. Its connection to the Panama Canal, a marvel of modern engineering, adds an extra layer of intrigue to this already fascinating piece of memorabilia.
For those interested in naval history, postal artifacts, or the Panama Canal specifically, this Germany 1910 Navy SMS Bremen MSP64 Feldpost Cover is a must-have addition to any collection. Don’t miss the opportunity to own a piece of history with this rare and unique item.
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Woodpecker Apex Locator Root Canal Finder Ai-Pex & Cordless Endo Motor E-COM+
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Price: $6.98 (as of Dec 21,2024 07:14:54 UTC – Details)
STUDIO CANAL – SALLY LOCKHART MYSTERIES – THE RUBY IN THE SMOKE (1 DVD)
Are you a fan of mystery and intrigue? Look no further than Studio Canal’s adaptation of Philip Pullman’s bestselling novel, “The Ruby in the Smoke.” Follow the fearless Sally Lockhart as she delves into the dark underbelly of Victorian London in search of the truth behind her father’s mysterious death.
This gripping tale is brought to life with stellar performances from Billie Piper, Matt Smith, and Julie Walters. With stunning cinematography and a thrilling plot, “The Ruby in the Smoke” is a must-watch for any mystery lover.
Get your hands on the DVD today and immerse yourself in the world of Sally Lockhart as she navigates danger and deception to uncover the secrets of the past. Don’t miss out on this captivating mystery adventure!
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2PCS Rocker Switch Power Pink 16 A Canal HB Series US
Price : 8.97
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Are you in need of a durable and reliable rocker switch for your electrical projects? Look no further than the 2PCS Rocker Switch Power Pink 16 A Canal HB Series US. This high-quality switch is perfect for a variety of applications, from automotive to industrial.
With a 16 A current rating, this rocker switch can handle heavy loads with ease. The pink color adds a pop of style to your project, while the HB Series design ensures long-lasting performance. Plus, with the US configuration, this switch is compatible with standard American electrical systems.
Don’t settle for subpar switches – invest in the 2PCS Rocker Switch Power Pink 16 A Canal HB Series US for reliable, durable performance. Order yours today and take your project to the next level!
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Price: $139.00 – $119.00 (as of Nov 21,2024 11:58:31 UTC – Details)
Broadcom MegaRAID 9440-8i – Contrôleur de stockage (RAID) – 8 Canal – SATA 6Gb/s / SAS 12Gb/s / PCIe profil bas – 1200 Mo/s – RAID 0, 1, 5, 10, 50 – PCIe 3.1 x8 Item Package Quantity: 1 Model Number: 05-50008-02 Country of origin:- China Package Dimensions : 10.0L x 10.0W x 5.0H (centimeters)
Looking to boost your storage capabilities? Look no further than the BROADCOM MegaRAID 9440-8i! This storage controller offers 8 channels and supports SATA 6Gb/s, SAS 12Gb/s, and PCIe 3.1 x8 for lightning-fast data transfer speeds of up to 1200 MB/s.
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Broadcom MegaRAID SAS 9361-16i – Contrôleur de stockage (RAID) – 16 Canal – SATA / SAS 12Gb/s profil bas – 12 Gbit / s – RAID 0, 1, 5, 6, 10, 50, 60 – PCIe 3.0 x8 05-25708-00
The Broadcom MegaRAID SAS 9361-16i is the ultimate solution for high-performance storage needs. With 16 channels and support for SATA/SAS 12Gb/s, this RAID controller offers lightning-fast data transfer speeds of up to 12 Gbit/s.
Featuring support for RAID 0, 1, 5, 6, 10, 50, and 60, the Broadcom MegaRAID SAS 9361-16i provides unparalleled data protection and performance optimization for your storage environment. Whether you’re looking to improve your system’s efficiency or safeguard your critical data, this controller has you covered.
Designed for use with PCIe 3.0 x8 slots, the Broadcom MegaRAID SAS 9361-16i is compatible with a wide range of systems and offers easy installation and setup. Its low-profile design makes it ideal for compact configurations, while its advanced features ensure seamless operation in demanding environments.
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