|
Egyptian officials and global carriers met to discuss restoring traffic through the Suez Canal, which saw its highest monthly vessel return since 2023 amid improving regional stability, reported American Shipper.
Ossama Rabiee, chairman of the Suez Canal Authority (SCA), hosted representatives from 20 shipping lines and agencies to review Red Sea developments and their impact on maritime trade. The meeting was part of ongoing consultations on sailing schedules.
Attacks by Houthi for in Yemen since late 2023 led to a sharp decline in toll revenues, forcing carriers to reroute via longer paths. Revenues fell by up to 60 per cent to US$4.2-$4.25 billion in 2024, down from a record $10.25 billion in 2023.
In response, the SCA offered a 15 per cent toll discount for large containerships starting May 2025. First-quarter revenue this year rose to $899 million, up over 16 per cent year on year.
From July to October, 4,405 vessels transited the Canal, carrying 185 million tons, compared to 4,332 vessels and 167.6 million tons in the same period last year.
Mr Rabiee credited October Gaza ceasefire talks for easing tensions. That month saw 229 vessels return - the highest since the crisis began.
On November 7, CMA CGM's 17,859-TEU Benjamin Franklin became the largest container ship to transit the Canal in two years. The 20,954-TEU CMA CGM Zheng also made a recent passage.
Tariq Zaghloul of CMA CGM Egypt said there is no alternative to the Suez Canal and forecast increased voyages due to fleet expansion.
Mr Rabiee urged agencies to reassure carriers. Ehab El-Bannan of Clarkson proposed incentives based on vessel count and tonnage, predicting a breakthrough in traffic in the New Year.
Robert Uggla of AP Moller-Maersk met Egyptian President Abdel Fattah El-Sisi in October to reaffirm investment. Mediterranean Shipping Co and Evergreen signalled readiness to resume transits as stability improves.
Cosco's Hani Al-Salami said falling rates and shifting supply-demand dynamics will drive carriers back to the Canal.
https://www.shippingazette.com/news-list
|
Back:
Next:
