The Suez Canal Authority said it is working to restore vessel transits and revenues to the levels recorded in 2023. That year saw more than 26,000 vessels and $10.2 billion in earnings. The announcement came during a press event in Ismailia, where the Authority discussed the gradual return of a major global carrier to the Canal.
Carriers Resume Transits After Regional Security Improvements
The Authority’s chairman said “the carrier’s decision followed the Sharm El-Sheikh peace agreement and the halt of attacks in the Red Sea and Bab al-Mandab Strait”. He also noted that “another major carrier plans to resume Canal transits in December”. He explained that the return of these two operators is expected to encourage additional shipping lines to adjust their routes.
Impact on Traffic and Revenue
Under regular conditions, one of the carriers sends more than 1,000 large-capacity ships through the Canal each year. The chairman said their return will have a direct impact on Canal revenue. He added that November saw a 28 percent rise in revenue compared to the same month last year, driven by a 25 percent increase in vessel transits.
He expects total revenue this year to exceed $4 billion, slightly higher than in 2024, with a gradual improvement beginning next year.
Incentives and Fee Policies
The Authority extended its 15 percent fee-reduction incentive for selected vessel categories through March 2026. Transit fees will remain unchanged next year. Officials are also reviewing new incentive packages that link discounts to vessel numbers and cargo tonnage.
Investment Projects and LNG Tugboat Development
The chairman confirmed a $146 million investment from South Korea to build six LNG-powered tugboats and set up a liquefaction station in Port Said. The project will support petrochemical exports from Anchorage. It will also back the Authority’s joint venture with a Red Sea shipyard to construct tugboats and fishing vessels, including vessels designated for export.
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Source: Egypt Today
