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Indian Express
17-05-2025
- Business
- Indian Express
Suez Canal offers 15% discount to cargo ships: Will vessels return to the Red Sea route after US-Houthi ceasefire?
Egypt's Suez Canal Authority (SCA) is offering a 15 per cent discount from May 15 on transit fee to cargo ships of minimum 130,000 mt capacity, underscoring the impact that the Red Sea security crisis has had on the waterway critical to the shortest maritime route to the Mediterranean Sea and beyond from the Arab Peninsula, North-East Africa, and the Arabian Sea. 'The SCA has issued incentives and reductions of 15 per cent on the transit tolls of container ships of 130 thousand tonnes or more in net tonnage (loaded or in ballast) for 90 days,' said Admiral Ossama Rabiee, SCA chairman and MD after a meeting with the Italian Ambassador to Egypt, Michele Quaroni. Earlier, Rabiee also reached out to 25 major shipping line operators and maritime agencies, urging them to gradually return their vessels to the Suez Canal citing the positive development 'towards the return of navigation in the Red Sea'. This came three days after US President Donald Trump announced that Iran-backed Houthi militia had agreed to a ceasefire in the Red Sea. The Houthis maintained that Israel-flagged and -linked ships are not part of the agreement with the US, and they will continue to be targeted . In November 2023, Yemen-based Houthi rebels, backed by Iran, began targeting commercial vessels that they believed were linked to Israel and its key allies in response to its military offensive in Gaza. This crisis prompted the world's major container lines to divert their ships from the Red Sea route and navigate around the Cape of Good Hope. With much of the cargo movement rerouting away from the Suez Canal, its revenue crashed to around $4 billion in 2024 from $10.3 billion in 2023. 'This (discount offered) seems to be a move to bring the container ships, also called boxships, back to the Suez Canal. Bulk carriers and tankships were diverted from the Suez Canal, but these boxships were a major source of revenue for the SCA,' said Anil Devli, CEO, Indian National Shipowners Association. With the SCA offering steep discounts and the apparent calm in the Red Sea, even if fragile, the central question is: will vessels return to this key artery of global shipping and trade anytime soon? The Suez Canal accounts for nearly 12-15 per cent of global trade, according to IMF data. Nearly 30 per cent of global container traffic flowed through the Suez Canal before the Houthi attacks began. It is also a key passage for 8-9 per cent of global energy flows. As of May 11, 2025, Suez Canal's daily transit trade volume (TTV) stood at 484,137 mt, compared with 1,349,086 mt a year ago, shows data from PortWatch, a live conflict tracker maintained by the IMF and Oxford University. TTV denotes the total volume of goods transported through a shipping route. Daily TTV stood at 11,052,600 mt as of May 11, 2025 at the Bab el-Mandeb Strait, compared with 1,192,116 mt a year ago, according to PortWatch data. Daily TTV at the Cape of Good Hope moderated to 4,379,612 mt on May 11, 2025, from 5,761,366 mt a year ago. According to an analysis by the Federal Reserve Bank of St Louis, ports in East Asia and the Pacific, Europe and Central Asia, the Middle East and North Africa witnessed a decline in the amount of trade between October 20, 2023 and January 28, 2024 compared to the year-ago period. Shipping costs in the Suez Canal region soared 180 per cent during the period under consideration. 'As firms reroute shipments, the companies that continue to ship through the Suez Canal are likely raising prices to compensate for the higher risk, as well as to take advantage of the reduced shipping supply,' the Federal Reserve of St Louis said. Like various other countries, India was also heavily reliant on the Red Sea shipping route for exports to Europe, with nearly 80 per cent of the volumes going through the Suez Canal. The shifting of trade flows from the Red Sea to the route around Africa have evidently impacted Indian exporters by denting their margins as they now have to contend with higher freight rates for exports to Europe and beyond. With much of India's trade dependent on overseas shippers and foreign-flagged commercial vessels, there is little the country can do in the short term to shield itself from the impact of the Red Sea crisis. While the Red Sea security crisis hit traffic and revenue for the Suez Canal, it also led to higher shipping costs as vessels go around Africa, extending voyage durations—by 10-14 days—and fuel burn significantly, leading to higher freight rates. The longer voyages also made vessel availability tighter, again having an inflationary impact on freight rates. And for vessels still looking to transit the Red Sea, war risk insurance premiums skyrocketed, making the route unviable for most. To be sure, while freight rates have risen as ships chose to go around the Cape of Good Hope, shipping companies have mostly passed on the cost to the consumers, Devli said. During this time, the SCA's revenues crashed, while shipping lines were able to navigate the storm reasonably well, with global majors like Maersk reporting growth in revenue and profit on the back of higher freight rates and strong container demand. 'The Cape of Good Hope route has resulted in ship owners charging higher freight rates, as shown by the earnings of Danish shipping giant Maersk. The company's vessels will continue to sail around the Cape of Good Hope since the declaration of a ceasefire was not adequate,' Devli added. Given that the global shipping lines have adjusted rather well to the new normal of using the longer and safer route around Africa and still protecting—and even growing—their profits, there is little reason for them to return to the Suez Canal route till they are fully confident of the safety of their ships and crew. 'Even if the truce is a step in the right direction, I think many players will remain cautious until there's consistent evidence that navigation is truly safe,' Arturo Regalado, Kpler Insight Senior LNG and Natural Gas Analyst said. The Red Sea crisis has also hit liquefied natural gas (LNG) flows via Suez Canal which plummeted to 4.15 million tonnes in 2024 from 32.36 million tonnes in 2023 and 34.94 million tonnes in 2022 according to Kpler data. Meanwhile, LNG volumes going via the Cape of Good Hope increased by a little over five-fold from 11. 76 million tonnes in 2022 to 59.37 million tonnes in 2024. According to industry watchers, a key factor that is adding to shipping lines' hesitation is the fact that the Houthis are still likely to target Israel's ships and those headed for Israeli ports, potentially making the maritime route volatile and unsafe for other vessels in the region when such attacks or counter-attacks are underway. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
Egypt Today
14-05-2025
- Business
- Egypt Today
Suez Canal offers 15% reduction on transit fees
Suez Canal - FILE CAIRO - 14 May 2025: The Suez Canal Authority has issued incentives and reductions of 15% on the transit fees for container ships with a net tonnage of 130k tons or more starting Thursday for 90 days. Head of the Suez Canal Authority Osama Rabie said on Tuesday the reductions come in response to the requests of many customers, including owners and operators of container ships, and in an effort to encourage major shipping lines to return to transiting the Suez Canal, given the favorable conditions and relative stability and calm in the security situation in the Red Sea region. The announcement was made during a visit by Italian ambassador Michele Quaroni to the Suez Canal, in which he praised Egypt's efforts to restore stability in the Red Sea region and its continued call for peaceful solutions to end the causes of conflict and restore peace to the region. Quaroni expressed Italy's interest in cooperation with the Suez Canal Authority in the construction of naval units and ship maintenance and repair at the authority's shipyards. He also said Italy is interested in maritime tourism and will encourage Italian yachts to transit the Suez Canal and dock at the canal's marinas instead of going around the Cape of Good Hope. Meanwhile, Rabie said the Suez Canal Authority keeps pace with the rapid changes in the maritime transport industry and flexibly addresses challenges in the Red Sea region. The Chairman of the authority explained that the it is is adopting an ambitious strategy to develop and modernize the maritime and logistics services system provided to its customers, and is seeking to open up partnerships with major international companies in various maritime sectors.
CairoScene
07-05-2025
- Entertainment
- CairoScene
Art D'Égypte's ‘Tale of Two Cities' Prepares to Land in Italy
'Forever Is Now' 2025 will feature renowned Italian artist Michelangelo Pistoletto. May 07, 2025 Now in its fifth edition, 'Forever Is Now', Art D'Égypte's site-specific exhibition series, launches its latest chapter with a gathering at Cairo's Italian Embassy. This year's iteration brings with it the participation of renowned Italian artist Michelangelo Pistoletto, realizing a long-held ambition to exhibit at the Pyramids of Giza. 'One of Michelangelo Pistoletto's biggest dreams was to exhibit his most important work in front of the Pyramids of Giza, and this year, it's coming true at Art D'Égypte,' said Italian Ambassador Michele Quaroni. 'We are extremely proud to work with Maestro Michelangelo, who has been nominated for the 2025 Nobel Peace Prize,' said Nadine Abdel Ghaffar, founder of Art D'Égypte by Culturvator. 'Part of his work is the belief that art is essential for peace, and we believe in that too.' The evening also marked the announcement of a new cross-cultural initiative: a residency programme that will support a young Egyptian artist's study at the UNIDEE Academy in Italy. Over the years, Art D'Égypte has steadily carved a space where contemporary art can engage with heritage. Its exhibitions invite artists to reflect on history without being bound by it, turning archaeological landmarks into open-air sites of encounter and exchange. This June, Tale of Two Cities also returns. Following last year's debut in Greece and Alexandria, the project will now take shape between Milan and Alexandria, continuing its quiet meditation on shared histories and evolving dialogues. The next edition of 'Forever Is Now' is scheduled to take place at the Great Pyramids of Giza from October 30th to November 22nd, 2025.
Al-Ahram Weekly
05-03-2025
- Science
- Al-Ahram Weekly
Science, She Says! celebrates women in science, global collaboration - City Lights - Life & Style
The Italian Cultural Institute in Cairo hosted the third edition of the 'Science, She Says!' event to celebrate the International Day of Women and Girls in Science (IDWGS). The event celebrated women in science, highlighting 50 years of scientific collaboration between Egypt and Italy and marking key milestones in the global effort to promote gender equality and women's empowerment. This year's event was particularly significant as it marked the 10th anniversary of IDWGS and the 30th anniversary of the Beijing Declaration and Platform for Action, which have been crucial in the global pursuit of gender equality and women's empowerment. Additionally, 2025 marks the golden anniversary of the scientific cooperation agreement between Italy and Egypt, which has financed research projects worth 1.2 million euros across shared priority areas, such as water management, agriculture, renewable energy, and cultural heritage. The Embassy of Italy in Cairo and Egypt's Science, Technology, and Innovation Funding Authority (STDF) organized the event. The event's name, 'Science, She Says!', is inspired by the award programme established in 2022 by the Italian Ministry of Foreign Affairs and International Cooperation to annually recognize an outstanding junior female scientist who has remarkably contributed to science and technology. Italian Ambassador to Egypt Michele Quaroni commenced the event by underscoring the vibrant scientific cooperation between the two countries. He highlighted the successful implementation of their cooperation agreement and the more than 40 active bilateral agreements between Italian and Egyptian research institutes and universities. Quaroni acknowledged the leading role of women scientists in groundbreaking research globally despite their continued underrepresentation in career paths and decision-making processes. He emphasized that increasing women's participation in science and technology promotes gender equality and benefits civil society and the world of work. Key figures attended the meeting, including the EU Delegation to Egypt, represented by Counsellor Anne Kofoed, who highlighted EU initiatives such as the Erasmus programmes and Marie Curie research grants, which support women's participation in science. Prof. Walaa Sheta, executive president of STDF, spoke about Egypt's cultural shift and the growing opportunities for women and girls in science. Prof. Marianne Azer, a board member of Egypt's National Council of Women (NCW), shared insights into the NCW's role in advancing women's participation in science. The conference focused on the interconnected challenges of food, energy, and water, with inspiring testimonies from prominent women in their respective fields. Rossella Fanelli, Deputy Director of the World Food Programme Egypt, discussed her work bridging Egypt and Italy. Dalia Samir, co-founder of Hydrogen Egypt and awardee at COP 29 by the Women in Renewables Alliance (WiRA), shared her experience in the renewable energy sector. Prof. Elham El-Zanati, a scientist at Egypt's National Research Centre and the country's first female PhD holder in biomedical engineering, spoke about her pioneering work in water desalination. A panel discussion featuring testimonials from prominent figures in science and policy (photo credit of the Italian embassy) Event highlight! A special event moment came when 20 girls from the prestigious Don Bosco school in Cairo, traditionally an all-male school, shared their excitement about studying science. These girls represent a significant cultural shift, as over 100 students study there. The event was concluded with a panel discussion featuring testimonials from prominent figures in science and policy, including Hoda Saad Aboremila, visiting professor at the University of Pisa; Farid Hegazy, senior specialist for employer's activities at the International Labour Organization (ILO) Cairo Office; Heba Gaber, science counsellor at the EU Delegation to Egypt; and Farida El-Kattan, head of CSR and Shared Value Unit at ALEXBANK. More than 140 attendees participated in the discussion, including representatives from academia, research institutes, embassies, international organizations, banks, and NGOs. Domenico De Martinis, the scientific attaché of the Italian Embassy in Cairo, concluded the event by reaffirming the embassy's commitment to female empowerment, particularly ensuring women's and girls' access to and participation in science and STEM disciplines. He highlighted that the event provided a significant opportunity to reflect on the actions necessary to continue advancing gender equality in science. Follow us on: Facebook Instagram Whatsapp Short link:
