Navigation through Suez Canal sees improvement in March: Canal Chief

The number of ships passing through the canal in March increased by 2.4 per cent compared to January, Rabie announced on Wednesday during a ceremony in Ismailia Governorate in northeast Egypt, celebrating the achievements made by the canal over the past few years, Xinhua news agency reported.

He added that the waterway recorded an 8.8 per cent increase in revenues compared to January.

The SCA chief also noted that 264 ships adjusted their routes to pass through the Suez Canal instead of the Cape of Good Hope since the beginning of February.

"The US is currently attacking the Houthis in Yemen, and it remains unclear whether these US attacks have weakened the Houthis' ability to target shipping in the Red Sea," Rabie told Xinhua news agency.

Egypt, which relies heavily on revenue from the Suez Canal, has repeatedly called for calm following a series of attacks on commercial vessels in the Red Sea.

In March, Egyptian President Abdel Fattah al-Sisi said that due to the regional turmoil -- including attacks on vessels in the Red Sea by Yemen's Houthis -- the Suez Canal was losing nearly $800 million in revenue each month.

The US military has resumed airstrikes on Houthi-held areas in northern Yemen since March 15 in a bid to deter the group from attacking Israeli targets, the US Navy, and international shipping lanes in the region.

However, the Houthi group responded by affirming its unwavering support for Gaza.

It has resumed attacks on Israeli targets and US military vessels in the Red Sea, as Israel ended a January ceasefire with Hamas and restarted military operations in Gaza.

The project would need governmental approvals and would be funded through the SCA's investment budget, to avoid "placing any additional burdens on the state's general budget," a statement added.

Rabie said it could raise the competitiveness of the canal and allow it to take more and bigger ships.