Egypt's Suez Canal Authority chairman Osama Rabei said on Sunday that 47 ships have been rerouted from Cape of Good Hope to Suez Canal since the start of February.

Earlier this month, Rabie said that the Red Sea crisis did not create a sustainable alternative route to the canal and that there were positive indicators for the return of stability in the region.

Fishermen travel on boats front of container ships passing through the Suez Canal in Ismailia, Egypt July 7, 2021. REUTERS/Amr Abdallah Dalsh

Iran-backed Houthi militants have attacked vessels in the Red Sea area since November 2023, disrupting global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa, raising shipping costs.

Egyptian President Abdel Fattah al-Sisi said in December the disruption cost Egypt around $7 billion in less revenue from the Suez Canal in 2024.