Shipping activities through the Suez Canal are gradually resuming, as maritime security and safety conditions have improved significantly in the Red Sea and the Bab el-Mandeb Strait region.
According to the Suez Canal Authority (SCA), the oil tanker CHRYSALIS, under the Liberian flag, successfully navigated the Suez Canal for the first time since it was attacked in the Red Sea back in July 2024. The CHRYSALIS, which measures 249 meters long and 44 meters wide with a gross tonnage of 61,341 tons, was en route from the Indian port of Sikka to the Egyptian port of Sidi Kerir.
General Osama Rabie, chairman of the SCA, emphasized the passage of the CHRYSALIS conveys a clear message about maritime safety improvements within the Red Sea. He noted, "The return of the vessel through the Suez Canal demonstrates there's no sustainable alternative to this key waterway connecting Asia and Europe."
Alongside the oil tanker, a drilling rig measuring 45m long, 48m wide, and weighing 3,543 tons also crossed the Suez Canal within the last 22 hours. The SCA utilized three tugboats to assist the Liberian-flagged drilling rig ADMARINE260 through the canal, with its movements still being closely monitored.
Rabie confirmed, "The Suez Canal remains the preferred choice among major shipping companies, but they need to monitor the situation carefully before fully resuming transit operations." Since November 2023, Houthi forces based in Yemen have executed numerous missile and drone attacks targeting vessels across the Red Sea and Gulf of Aden. Nearly 100 commercial ships, believed to have ties to Israel, the UK, and the US, faced assaults from the Houthis.
The unrest in the Red Sea compelled global shipping firms to reroute their vessels away from the Suez Canal, opting instead for the longer and costlier passage around the Cape of Good Hope at the southern tip of Africa. Rabie stated, "The detour around the Cape of Good Hope escalates freight costs and delivery times, hence the Suez Canal continues to be favored as the security situation stabilizes."
Following the ceasefire agreement between Israel and Hamas earlier in January, the Houthi movement has announced intentions to limit attacks on vessels associated with Israel, thereby suspending actions against other commercial ships traversing international trade routes within the Red Sea.
The Suez Canal accounts for over 12% of the world's total maritime trade volume and serves as one of Egypt's major sources of foreign currency, alongside tourism and remittances. This canal directly links the Red Sea to the Mediterranean, creating the shortest shipping route between Europe and Asia.
The enduring tensions in the Red Sea had severely impacted the Suez Canal's revenue, which plummeted to $4 billion in 2024—over 60% lower than the previous year's figures. Yet, with shipping lines gradually returning and the security situation improving, Egyptian officials are hopeful for the restoration of shipping activities through the Suez Canal in the near future.
Experts believe if stability is maintained, this pivotal route will reclaim its significant position within global supply chains.