Egypt’s Suez Canal Authority said 47 ships have rerouted to use the waterway since the start of February, a tentative recovery after a ceasefire between Israel and Hamas prompted Houthis to scale back attacks on Red Sea shipping.

The vessels elected to use the Egyptian canal instead of the longer Cape of Good Hope route around Africa’s southern tip, SCA chief Osama Rabie said in a statement on Sunday.

“Consultations with shipping lines and clients shows positive indicators for the return of stability in the Red Sea region,” he said, without giving comparative figures or further details.

Iran-backed Houthi fighters in Yemen had targeted vessels in the Red Sea since late 2023 in solidarity with Hamas, forcing many global shipping firms to avoid one of the world’s major trade routes. 

Suez Canal receipts, an important source of revenue for Egypt, dropped by about 60 percent as a result, with losses expected to be some $7 billion for the financial year ending in June.

Rabie said earlier this month he expects Suez traffic to gradually return to normal by late March and fully recover by mid-year if the Gaza ceasefire holds up.