According to Reuters and Bloomberg, since early February, 47 ships have rerouted back to the Suez Canal, signaling a gradual recovery of the waterway after months of disruption caused by attacks in the Red Sea. Osama Rabie, Chairman of the Suez Canal Authority, stated on February 23 that these ships had initially diverted to the Cape of Good Hope but have now resumed passage through the Egyptian waterway. Rabie mentioned that discussions with shipping companies indicate signs of stable recovery in the Red Sea, though no specific comparative figures were provided.

Since November 2023, the Houthis have launched over 100 attacks on vessels, sinking two ships and killing at least four people, severely impacting global shipping. Attacks in support of Hamas forced many companies to abandon the Suez Canal in favor of a longer and more costly route around the southern tip of Africa. These disruptions have had significant financial consequences for Egypt, with President Abdel Fattah al-Sisi estimating a $7 billion revenue loss for 2024 due to reduced canal traffic.

The Suez Canal Authority reported a roughly 60% drop in revenue due to the ongoing crisis. On January 20, the Houthis announced they would limit attacks to vessels linked to Israel after a ceasefire agreement with Gaza. Rabie had previously expressed optimism that, if the ceasefire between Israel and Hamas holds, traffic through the canal will gradually return to normal by the end of March and fully recover by mid-year.