Suez Canal traffic stays low as Egypt pushes logistics hub plan

Container traffic through the Suez Canal remained sharply depressed in May 2024, with only 129 container ships transiting the waterway – a 76 % drop from the same month a year earlier. Although the total capacity employed rose to 791,000 TEU, driven by a few very large vessels, analysts say overall volumes are still far below historic levels and a full resurgence of services is unlikely in the near term.

At the same time, Egypt’s government is studying a major logistics and redistribution platform within the Suez Canal Economic Zone. Prime Minister Mostafa Madbouly has called for accelerated negotiations with potential international partners to turn the zone into a hub for storage, processing and re‑export of goods moving between Africa, Asia, Europe and the Middle East. The project aims to capture revenue beyond tolls and to bolster Egypt’s role in continental trade, though observers note past challenges with investment attraction and administrative hurdles.