The Suez Canal Authority (SCA) announced on Tuesday a 15-percent discount on transit fees for large container ships beginning Thursday, aiming to encourage major shipping lines to return to the waterway amid improving security conditions in the Red Sea.

SCA Chairman Osama Rabie said the discount applies to container ships with a net tonnage of 130,000 tonnes or more, regardless of whether they are laden or empty, and will be valid for 90 days. He added that the measure is intended to respond to the needs of shipowners and reassert the Suez Canal’s role in global supply chains, according to a statement.

The SCA chief highlighted the authority’s ongoing efforts “to keep pace with the rapid changes in the maritime transport industry and to respond flexibly to current challenges in the Red Sea region.”

The Suez Canal is vital for Egypt’s economy and international trade. Around 12 percent of the world trade volume passes through the strategic waterway. However, due to regional tensions, particularly Houthi attacks in the Red Sea, the canal’s revenues have dropped significantly. In mid-April, Rabie reported that Suez Canal revenues fell by 61 percent in 2024 — down to 3.991 billion U.S. dollars from 10.250 billion dollars in 2023.
Source: Xinhua