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See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
Red Sea Situation Suitable for Gradual Return of Ships to Suez Canal, Says SCA Chairman
Taarek Refaat Osama Rabie, Chairman of the Suez Canal Authority, participated on Saturday in a major symposium organized by the Egyptian Maritime Association under the title: "Challenges Facing the Suez Canal in Light of Regional and International Changes." In his opening remarks, Rabie noted that the escalating security tensions in the Red Sea and Bab el-Mandeb Strait have significantly impacted shipping traffic through the Suez Canal, forcing many shipping lines to change their routes and resort to the Cape of Good Hope route. This has led to increased travel times and higher operating costs, which has negatively impacted global inflation rates. The chairman of the authority explained that the Suez Canal has adopted a flexible approach to dealing with the repercussions of the crisis, through direct communication with international shipping companies to study the possibility of modifying their sailing schedules and coordinating the gradual return to transiting the Canal. He noted that the security situation has improved, allowing for the gradual resumption of shipping traffic through the Canal. He also added that the Authority has responded to requests from some shipping lines by offering incentives and discounts of up to 15% for vessels with a capacity exceeding 130,000 tons, for a period of three months. This step aims to ease their financial burdens and encourage them to re-include the Suez Canal in their shipping routes. He concluded by emphasizing that the current crisis has proven the importance of the Suez Canal as an indispensable shipping route, given the time and cost savings it provides, as well as the comprehensive maritime and logistical services it provides—advantages that the alternative route via the Cape of Good Hope lacks. In his speech, Major General Samir Farag emphasized that the Egyptian state's neutral stance regarding the situation in the Red Sea has strengthened confidence in the Suez Canal as a safe and neutral international passageway, contributing to the stability of global supply chains and trade. He emphasized that the Canal will remain the most efficient and feasible shipping route despite attempts to develop alternative routes. On his part, Khaled Abu Bakr, Advisor to the Chairman of the Authority for Legal and International Affairs emphasized that the Suez Canal is subject to international agreements that render it neutral regarding political disputes and conflicts, which strengthens its position as an international shipping lane that enjoys the trust of customers and international partners. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Egypt Today
25-05-2025
- Business
- Egypt Today
Suez Canal Chief: Red Sea Security Now Conducive to Gradual Resumption of Ship Transits
Admiral Osama Rabie, Chairman of the Suez Canal Authority (SCA), participated on Saturday in the main symposium organized by the Egyptian Maritime Association CAIRO – 25 May 2025: Admiral Osama Rabie, Chairman of the Suez Canal Authority (SCA), participated on Saturday in the main symposium organized by the Egyptian Maritime Association under the title "Challenges Facing the Suez Canal in Light of Regional and Global Changes." The symposium was attended by prominent figures, including Dr. Abdel Aziz Qansouh, President of Alexandria University; Major General Samir Farag, military strategic expert; Rear Admiral Essam Badawi, Chairman of the Egyptian Maritime Association; and international lawyer Khaled Abu Bakr, Advisor to the SCA Chairman for Legal Affairs and International Relations. Numerous consuls from Arab and foreign nations, along with representatives of maritime transport bodies and companies, were also present. In his address, Admiral Rabie underscored the impact of unprecedented security tensions in the Red Sea and Bab el-Mandeb Strait, which have significantly disrupted navigation through the Suez Canal. He noted that many shipping lines have been forced to reroute around the Cape of Good Hope, adversely affecting the global maritime industry with increased sailing times, elevated operational costs, and inflationary pressure on end consumers. Admiral Rabie highlighted the Authority's adaptive response to the crisis, including direct and ongoing communication with shipping lines to evaluate their schedules and encourage the gradual resumption of transits through the Canal. He stated that the security situation has become increasingly conducive to the return of vessel traffic through the Suez Canal. In response to industry needs, the SCA has introduced a package of incentives, including a 15% discount for container ships exceeding 130,000 tons in capacity, valid for a period of three months. These measures aim to alleviate operational burdens and support the reintegration of the Suez Canal into global shipping routes. Rabie emphasized that the ongoing crisis has reaffirmed the irreplaceable role of the Suez Canal, which offers significant savings in time, cost, and access to critical maritime and logistical services—advantages not provided by the Cape of Good Hope route. He also outlined the Authority's commitment to enhancing the Canal's capacity and safety. The completion of both phases of the southern sector development project has significantly improved navigational safety, mitigated the effects of water currents on vessels, and increased capacity by an average of 6 to 8 ships per day. Concurrently, the SCA continues to enhance its navigational and maritime services and is advancing its ambitious strategy to modernize its fleet with the addition of new, advanced units across all sectors. In efforts to diversify revenue streams, Rabie detailed the Authority's expansion into new navigational and logistical services, such as maritime rescue, ambulance services, pollution control, vessel maintenance and repair, fueling, and crew replacement. The SCA has also launched a specialized service for collecting and removing solid waste from transiting vessels using advanced marine equipment. Furthermore, Rabie stressed the Authority's ongoing efforts to localize maritime industries, both to meet domestic needs and to explore export opportunities. This is being pursued through initiatives like the Egyptian Locomotive Factory, a joint venture with the South Red Sea Arsenal Company. Strategic expert Major General Samir Farag commended Egypt's decision to remain neutral amid regional security tensions, a stance that has reinforced global confidence in the Suez Canal as a secure and impartial international waterway. He emphasized the Canal's vital role in stabilizing global supply chains and maintaining the affordability of goods worldwide, as well as its status as a key source of foreign currency for Egypt. Farag further noted that despite attempts by some nations to develop alternative trade routes, the Suez Canal remains the most strategic and efficient maritime passage for international trade, offering unmatched operational cost savings, speed, and safety. International lawyer Khaled Abu Bakr highlighted that the Suez Canal operates under international agreements that guarantee its neutrality amid political conflicts and disputes. This legal framework, he noted, enhances the Canal's global standing and the trust it enjoys among international partners. He added that the SCA's effective crisis management—particularly during the refloating of the Ever Given —has proven the efficiency and expertise of its personnel. That historic operation, he stated, sent a clear message to the world: there is no viable alternative to the Suez Canal.
