Egyptian Foreign Minister Badr Abdelatty made this remark and estimated that the country’s losses from attacks on vessels in the Red Sea amounted to nine billion dollars in 2024.

We’re confident in restoring security and stability in the Red Sea, Abdelatty said during his address at the Aswan Forum for Peace and Sustainable Development.

The minister noted that 25 to 30 vessels currently cross the Suez Canal daily, compared to 72 before the Gaza conflict, which began in October 2023.

Official data stated that 3,074 vessels passed through the interoceanic waterway in the first half of 2025, a 3.1 percent year-on-year increase.

Security challenges in the Red Sea have forced many ship owners and operators to take alternative routes instead of the canal, which handles up to 12 percent of global maritime traffic.

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