While the Nile River has frequently been described by Egyptians as the country’s lifeline, the Suez Canal could be considered the pulse of the Egyptian economy. The canal has recently become the economy’s primary source of hard currency, in light of Egypt’s dwindling foreign reserves, the deteriorated tourism sector and the declining influx of foreign investments.

Thus, news that the Suez Canal is facing a setback alarmed officials, experts, citizens and both supporters and opponents of the current regime and its canal development projects. SeaIntel Maritime Analysis, a market intelligence provider in the container shipping industry, said Feb. 26 that the price of bunker fuel is now so low that it is cheaper to reroute many Asia-US East Coast and Asia-north Europe services to the Cape of Good Hope, away from the Panama and Suez canals.

CNBC’s website said that SeaIntel's report clarified that in light of falling fuel prices, ships can buy more fuel and take the longer Cape of Good Hope route — compared with the route passing through the Suez Canal — at a faster speed, which would save time and, on average, $235,000 per voyage. The report also indicated that from October to February, 115 vessels returning to Asia from northern Europe and the US East Coast sailed around South Africa instead of using a canal.

In several press releases, statements, speeches and phone calls to TV shows, Suez Canal Authority chief Adm. Mohab Mamish said that 115 vessels represent only a fraction of the more than 17,000 vessels that passed through the Suez Canal in 2015. He also noted that since the canal was improved to handle larger vessels, its earnings are no longer measured simply by how many ships pass through, but rather by the number of vessels and their cargo.