Egypt Today: Chairman of the Suez Canal Authority, Osama Rabie, confirmed that the Authority is working to restore ship transits and revenues to their 2023 levels, a year that recorded more than 26,000 vessels and $10.2 billion in revenues. He made these remarks in response to a question by Asharq Bloomberg.
Rabie spoke during a joint press conference in Ismailia with Maersk, where both sides announced the gradual return of the Danish shipping giant’s vessels to the Canal.
In an interview with Asharq, Rabie noted that Maersk’s decision to resume passage came only after the Sharm El-Sheikh peace agreement and the subsequent halt of Houthi attacks on ships in the Red Sea and Bab al-Mandab Strait.
He added that he was also informed that CMA CGM will begin rerouting its ships through the Canal starting December.
Rabie emphasized that the return of these two major global carriers is expected to encourage other shipping companies to follow suit.
Under normal operating conditions, Maersk alone sends more than 1,000 large-capacity vessels through the Canal each year, he said, noting that their comeback will have a clear positive impact on revenues.
According to Rabie, Suez Canal revenues rose by 28 percent in November compared to the same month last year, driven by a 25 percent increase in transiting vessels.
He expects total revenues this year to surpass $4 billion, slightly higher than 2024, with a gradual upward trajectory beginning next year.
Rabie confirmed that the 15 percent fee-reduction incentive offered to certain vessel categories has been extended for three additional months, through March 2026.
Transit fees will remain unchanged next year, while the Authority is evaluating new incentive packages linked to vessel numbers and cargo tonnage.
On investment projects, he revealed that South Korea is investing $146 million to build six LNG-powered tugboats and establish a liquefaction station in Port Said to fuel ships.
He added that this investment supports Anchorage’s petrochemicals export project, as well as the Authority’s joint venture with the Red Sea South Shipyard to build tugboats and fishing vessels, some of which will be designated for export.
https://www.egypttoday.com/Article/3/143723/Suez-Canal-targets-10-2B-in-revenues-next-year
