Keep in mind that Egypt's income is about $6 Billion per year from Suez Canal transit fees. They average roughly $700 Million per month.
Shutting down the canal for a few weeks will not only affect world oil prices and commodity prices, affecting shipments globally... but it will have serious impacts on Egypt's economy.
Due to extremely high transit fees, shippers have been seriously looking at other alternatives to shipping through the Suez Canal for years. Now, it will just make sense to actively pursue other shipping options.
Keep in mind that Egypt's income is about $6 Billion per year from Suez Canal transit fees. They average roughly $700 Million per month.
Shutting down the canal for a few weeks will not only affect world oil prices and commodity prices, affecting shipments globally... but it will have serious impacts on Egypt's economy.
Due to extremely high transit fees, shippers have been seriously looking at other alternatives to shipping through the Suez Canal for years. Now, it will just make sense to actively pursue other shipping options.