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Suez Canal Reports $17 Billion in Losses amid Red Sea Crisis, Expands Shipbuilding and Repair Operations
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Suez Canal Reports $17 Billion in Losses amid Red Sea Crisis, Expands Shipbuilding and Repair Operations
The Suez Canal Authority incurred estimated losses of $17 billion over the past two and a half years due to security disruptions in the Red Sea and Bab el-Mandeb Strait, which prompted shipping companies to divert vessels away from the vital waterway, Authority Chairman Osama Rabie said on Friday.
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