Suez Canal Revenue Surges 42% as Hormuz Crisis Reroutes Ships

The Suez Canal has seen a significant increase in revenue, rising 42% year-over-year to $505 million in July, the highest monthly level since December 2023. This surge is attributed to the rerouting of ships due to the Iran war’s effective closure of the Strait of Hormuz and Houthi threats in the southern Red Sea. A total of 1,340 vessels transited the canal in July, a 27% increase from the same period last year. Oil tankers accounted for 526 of these vessels, up from 485 in June. The Suez Canal Authority expects full-year revenue to climb to between $5.8 billion and $6 billion, up from $4.1 billion in 2025. Despite this uptick, crossings and revenue remain far below pre-Gaza war levels, with the waterway bringing in a record $10.2 billion in 2023. The resurgence is expected to continue in the coming months, driven by the rerouting of Asia-bound oil exports and the resumption of some European shippers’ Red Sea services.