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Somali Piracy Shakes Confidence in Suez Canal Route
[Middle East Times] Joseph Mayton - The rise in piracy off the coast of Somalia has shaken confidence in the Suez Canal as a safe passage linking the Red Sea and the Mediterranean Sea and has prompted shipping companies to seek out alternative routes. The Egyptian government privately fears a downturn in revenues from the canal, which provides Egypt with up to $500 million a month, nearly 10% of Egypt's foreign currency income. The London-based Chatham House foreign policy think tank reported that insurance premiums for shipping through the Gulf of Aden have increased tenfold.