CAIRO, Feb. 23 (Xinhua) -- Suez Canal Authority (SCA) Chairman Osama Rabie announced on Sunday that 47 ships have adjusted their routes to pass through the Suez Canal instead of the Cape of Good Hope since the beginning of February.

Rabie made this announcement during his participation in the opening of the 14th Annual International Maritime Transport and Logistics Conference held in Alexandria, Egypt, according to a statement released by the SCA.

He stated that ongoing discussions with shipping lines, coupled with the positive signs of stability in the Red Sea region, have resulted in 47 ships altering their routes this month to transit the Suez Canal instead of circumnavigating the Cape of Good Hope.

Rabie expressed optimism that more shipping lines will resume using the Suez Canal as stability in the region continues.

He emphasized that the Red Sea crisis has presented "unprecedented security challenges" to the region, negatively impacting the stability and sustainability of global supply chains.

Suez Canal revenues experienced a decline of over 60 percent in 2024, equivalent to approximately 7 billion U.S. dollars, due to tensions in the Red Sea and the Bab al-Mandab Strait.

Tensions arose in the Red Sea after the Houthis in Yemen began attacking Israeli-linked ships in October 2023 to demonstrate solidarity with Gaza during the Hamas-Israel conflict.

With the implementation of a ceasefire agreement in Gaza on Jan. 19, stability returned to the Red Sea region following the cessation of Houthi attacks on ships. Enditem

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