CAIRO – The head of Egypt’s Suez Canal Authority said Thursday that conditions are favorable for the resumption of navigation in the Red Sea.

“The current situation in the Red Sea sees positive indicators and the conditions are now suitable for the return of maritime navigation in the region once again,” Osama Rabie said during a meeting with representatives of major international companies in the canal city of Ismailia in northwestern Egypt.

Tension has begun to ease in the Red Sea after a ceasefire agreement that halted Israel’s genocidal war on the Gaza Strip earlier this month.

During the war, Yemen’s Houthi group carried out drone and missile attacks on Israeli cargo ships or ones linked with Tel Aviv in the Red Sea in a show of support for Gaza.

“The current situation in the Red Sea region shows many positive signs of returning to stability in the region, which creates an opportunity to take operational action to adjust maritime navigation schedules as it turns to its normal course gradually,” Rabie said.

“The Suez Canal is ready to operate at full capacity to provide various navigational services for major shipping lines,” he added.

A main source of foreign currency for Egypt, the Suez Canal revenues plummeted to $4 billion in 2024 from $10.2 billion in 2023 due to rising tensions in the Red Sea.

The first six-week phase of the Gaza ceasefire agreement took effect on Jan. 19, suspending the Israeli war on the Palestinian enclave.

The 3-phase ceasefire agreement includes a prisoner exchange and sustained calm, aiming for a permanent truce and the withdrawal of Israeli forces from Gaza.

Source: AA