Latest news with #OsamaRabie
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Cairo Intensifying Efforts to Restore Normal Traffic in Suez Canal
Egypt is intensifying its efforts to return traffic in its Suez Canal back to normal in wake of the hit revenues have taken because of the attacks by the Iran-backed Houthi militias in Yemen on international shipping in the Red Sea and Gulf of Aden. Egyptian Foreign Minister Badr Abdelatty discussed Suez Canal traffic in a telephone call with his Dutch counterpart Caspar Veldkamp. Veldkamp hoped the recent ceasefire agreement between Yemen and the US would positively impact navigation in the Red Sea and Suez Canal. Abdelatty said Veldkamp stressed the Netherlands' readiness to encourage Dutch companies to resume navigation in the Red Sea and the Suez Canal, helping restore normal traffic levels. Revenue from the Suez Canal, a key source of foreign currency for Egypt, plummeted to $880.9 million in the fourth quarter from $2.40 billion a year earlier, the victim of Houthi attacks, central bank figures showed in May. Egypt's Suez Canal Authority chief, Osama Rabie, said in May the authority is considering offering discounts ranging from 12% to 15% on transit fees to help restore traffic in the strategic waterway. Rabie met with representatives from shipping agencies who called for temporary incentives that would help offset increased insurance costs for vessels operating in the Red Sea, which they deemed a high-risk zone. The meeting followed an Oman-mediated ceasefire between the US and the Houthis, under which the US agreed to stop bombing the Houthis in Yemen in return for the group agreeing to stop attacking US ships. The accord does not include Israel. Abdelatty and Veldkamp also exchanged views on the latest developments in the Middle East region, particularly the catastrophic situation in Gaza.
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.
Egypt Independent
17-05-2025
- Business
- Egypt Independent
Suez Canal Authority to reduce ship transit fees
Suez Canal Authority Chairman Osama Rabie said that the 90-day reduction in transit fees was a well-considered and long-planned decision. He indicated that they were waiting for the opportune moment for the reduction to have a significant impact, adding that he had met with all maritime agents and major companies to coordinate their return to transiting the Suez Canal. During a phone-in interview on the 'Yahdoth Fi Masr' (Happening in Egypt) program with journalist Sherif Amer, Rabie said that Evergreen and Maersk have begun organizing their schedules to resume sailing through the Suez Canal. He expects that all major shipping companies will return to navigating the Suez Canal once the situation in the Red Sea calms down. The current crisis facing the Suez Canal is more challenging than the COVID-19 pandemic, he added. He explained, 'This period is longer, and we have lost $10.5 billion in a year and a half, which is a significant amount and has affected the Authority, morale, and everything else. During the COVID crisis, we did not incur losses, and we also implemented significant discounts.' The fee reductions aim to incentivize companies to resume Suez Canal transits, a move that was universally welcomed, he said. 'We expect a return to navigation within a month, and more than one agency has started moving vessels, and ships are passing after the situation in the Red Sea has calmed down.'
Zawya
15-05-2025
- Business
- Zawya
Suez Canal Authority urges Maersk to resume transits amid improved Red Sea security
Egypt - Osama Rabie, Chairperson of the Suez Canal Authority (SCA), met on Wednesday with a senior delegation from A.P. Moller–Maersk Group to explore opportunities for renewed cooperation and a potential resumption of canal transits. The meeting, held at the SCA headquarters in Ismailia, came as part of Maersk's official visit to Egypt. The delegation was led by Camilla Jane Holtz, Vice President for Public Policy and Regulatory Affairs, and included regional representatives from key global markets: Hani El-Nady (Middle East and North Africa), Simon Bergulf (Europe), Doug Morganti (North America), Jens Eskelund (China and Northeast Asia), René Beil Pedersen (South and Southeast Asia), and Danilo de Morais Pires (Latin America). Rabie welcomed the delegation, describing the visit as a reaffirmation of the strategic and enduring partnership between the SCA and Maersk — one based on mutual interests and a shared commitment to the stability of global trade. Acknowledging the ongoing challenges in the Red Sea region, Rabie highlighted the impact on shipping routes, particularly with increased costs and extended transit times. He urged Maersk to reassess its current routing decisions and consider a gradual return to Suez Canal transits in light of improving security conditions. He also referenced the SCA's recently introduced incentive program — including a 15% discount for large container vessels — aimed at encouraging a return to the vital waterway. 'The global shipping community has responded positively,' Rabie noted, adding that regional and international momentum now supports practical solutions to restore navigational freedom in the Red Sea. Camilla Holtz reaffirmed Maersk's appreciation of the canal's strategic importance, emphasizing a relationship that spans over a century. 'The Suez Canal remains vital to our operations,' she said. 'We are closely monitoring the evolving security landscape and remain committed to resuming navigation through the canal when conditions allow.' Holtz also commended the SCA for its ongoing engagement with international shipping lines and described the new incentives as 'a constructive and welcome move.' Hani El-Nady confirmed that the Suez Canal remains Maersk's preferred route, stating that recent positive regional developments are under careful review. Doug Morganti expressed optimism for a full return to stability in the Red Sea, noting that vessel and crew safety remains a top priority. Jens Eskelund stressed the canal's essential role in global supply chain sustainability, acknowledging the significant disruption caused by the Red Sea crisis. He praised the SCA for its responsive and effective crisis management. René Beil Pedersen echoed the sentiment, describing the canal as a 'critical artery for global trade' and expressing hope for a near-term return to normal operations. Danilo de Morais Pires added that the Suez Canal stands as a model of strategic infrastructure management and resilience in the face of crisis.
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.
