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Al-Ahram Weekly
2 days ago
- Business
- Al-Ahram Weekly
Incentives for major shipping companies boosted Suez Canal global standing: CMC
The Egyptian Cabinet Media Center (CMC) underscored Monday that the Suez Canal has regained its global stature, supported by strong incentives offered to major international shipping companies, as confirmed by international institutions. In a statement, the CMC noted that international institutions have a positive outlook on the Suez Canal's performance. According to the statement, the International Monetary Fund (IMF) projects Canal revenues to increase by 88.9 percent over five years—from an expected $6.3 billion in 2025/2026 to $11.9 billion in 2029/2030—with estimated revenues of $8.2 billion in 2026/2027, $9.9 billion in 2027/2028, and $11.5 billion in 2028/2029. In this context, the CMC stated that the Suez Canal's regained position reflects growing international confidence in its ability to meet global challenges. Major institutions have praised its flexibility and unmatched maritime services. At the same time, the Suez Canal Authority has actively introduced a range of incentives and facilitations to attract leading shipping lines, enhancing its competitiveness as a safe and efficient navigation corridor amid rapid changes in global trade dynamics, according to the statement. According to Offshore Energy Magazine, which focuses on the maritime and offshore energy industries, the Suez Canal has continued its operations despite the crisis in the Red Sea. It is now offering a range of new maritime services, including marine rescue, water ambulance services, pollution control, ship maintenance and repair, and fuel supply. S&P Global also expects a gradual return to regular navigation traffic in the coming months, read the cabinet's statement. Fitch Solutions noted that the Suez Canal expansion, effective in Q1 2025, has increased capacity by 6 to 8 additional ships per day and improved its potential emergency response, with traffic recovery forecast for the current fiscal year. In the same context, British maritime publication Lloyd's List reported that several major shipping companies have resumed Red Sea routes amid improved security, highlighting the Suez Canal Authority's active role in incentivizing a full return to canal transits. Regional disruptions, gradual return In May, Suez Canal Authority (SCA) Chairman Osama Rabie stated that the security situation had improved, allowing for a gradual return of vessels to the Canal. He noted that the unprecedented security tensions in the Red Sea had negatively affected navigation rates, forcing many shipping lines to reroute via the Cape of Good Hope, resulting in longer sailing times, higher operational costs, and broader impacts on global inflation and end-consumer prices. The Red Sea crisis has demonstrated the indispensability of the Suez Canal, as it alone offers a unique combination of time efficiency, cost savings, and vital maritime and logistical services that the Cape of Good Hope route lacks. The severe disruption to Suez Canal traffic has been driven by Houthi attacks on vessels they accuse of links to Israel in the Red Sea and Gulf of Aden, carried out in solidarity with Palestinians amid Israel's war on Gaza, forcing many vessels to reroute via longer alternatives, such as the Cape of Good Hope. In April, Chairman Rabie stated that the number of ships passing through the Suez Canal during the first quarter of 2025 decreased by nearly 50 percent. In March, President Abdel-Fattah El-Sisi stated that Egypt was losing around $800 million per month in Suez Canal revenues due to ongoing regional tensions. In 2024, revenues from the canal declined sharply by 60 percent, with losses amounting to $7 billion. Despite the disruptions, navigation through the Suez Canal is gradually recovering, with several vessels resuming transit in late 2024 and throughout 2025, read the CMC statement. Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Independent
7 days ago
- Automotive
- Egypt Independent
Photos: One of the world's largest car carriers transits Suez Canal
The Chairman of the Suez Canal Authority (SCA), Osama Rabie announced that BYD XI'AN, one of the world's largest car carriers, has made its first voyage through the Suez Canal coming from Singapore and heading to Italy. The car carrier is 219 meters long, 37 meters wide, and has a draft of 10 meters. It has a capacity of 9,442 cars and was carrying 7,000 on board. The carrier is operated by the Chinese shipping line BYD, the largest Chinese manufacturer of electric vehicles. This is the shipping line's second voyage through the Suez Canal, following the transit of the BYD HEFEI on June 27. The Chairman of the SCA explained that the canal has lately seen many positive developments in car carrier traffic and their transit rates, even despite current challenges. Rabie anticipated an increase in the number of trips by the BYD shipping line, in addition to the regularity of some transits by the COSCO shipping line within its shipping services, in cooperation with Neptune Lines, which connects the Far East and the Mediterranean. He referred to the passage of two trips under the United Global Ro-Ro shipping service, which was launched in February, linking Far East ports with Mediterranean ports and northwestern Europe. Car carriers transiting the Suez Canal once again sends a message of confidence that the Canal will remain the main artery for global trade from East to West, he added. The gradual return of major shipping lines to transiting the canal is inevitable, he assured, the pace of which depends on the current situation and geopolitical challenges in the region. Rabie also expects the tonnage of car carriers transiting the canal to increase by at least 20 percent in the second half of this year compared to the first half of the same year.
Al-Ahram Weekly
15-07-2025
- Automotive
- Al-Ahram Weekly
China's BYD car carrier crosses Suez Canal on maiden voyage - Urban & Transport
BYD XI'AN, one of the world's largest car carriers, has successfully completed its maiden transit through Egypt's Suez Canal, the Suez Canal Authority (SCA) announced on Tuesday. The vessel, part of the southbound convoy, entered the international waterway from Singapore and is en route to Italy. According to SCA Chairman Osama Rabie, the BYD XI'AN measures 219 metres in length, 37 metres in width, and has a draft of 10 metres. It boasts a capacity of 9,442 vehicles and is currently carrying 7,000 cars. The ship is operated by the Chinese shipping line BYD, an affiliate of BYD Auto – the leading Chinese electric vehicle manufacturer. This marks the second passage by a BYD-operated car carrier through the Suez Canal, following the transit of the BYD HEFEI on 27 June. Rabie highlighted several positive indicators suggesting a steady return and increasing frequency of car carrier transits through the canal, despite ongoing global challenges. He also noted an expected rise in BYD voyages, as well as consistent transits by vessels affiliated with the Chinese shipping line COSCO, in cooperation with Neptune Lines. These routes link the Far East to the Mediterranean. Two voyages have been recorded as part of a new service launched in February 2025 by United Global Ro-Ro, connecting ports in the Far East with the Mediterranean and northwest Europe. Rabie emphasised that the return of car carriers to the Suez Canal is a strong vote of confidence in the waterway's continued role as a vital artery of global trade between East and West. He predicted a minimum 20 percent increase in car carrier tonnage through the canal in the second half of 2025 compared to the first half, as geopolitical and regional conditions evolve. Captain Rizwan Kapadi, who commanded the BYD XI'AN, praised the Suez Canal as the shortest, fastest, and safest route for global trade. He cited the canal's ability to significantly reduce sailing time and distance, along with its high safety standards, favourable navigation conditions, and climatic stability, especially when compared to the alternative route around the Cape of Good Hope. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
10-07-2025
- Business
- See - Sada Elbalad
Cypriot "UW" Group eyes investment in the Port Said Naval Shipyard
Basant Ahmed The Cypriot "UW" Group is looking to invest in the Port Said Naval Shipyard with the aim of transforming it into a world-class shipbuilding facility, offering maintenance, repair, and green scrapping services. This was stated during a meeting between Osama Rabie, Chairman of the Suez Canal Authority, and a delegation from the Cypriot group specializing in ship repair and maintenance services, according to a statement issued by the Authority. Both parties agreed to study the partnership proposal and to hold further meetings to discuss all technical and economic aspects. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
09-07-2025
- Business
- See - Sada Elbalad
Suez Canal, UW Group Discuss Turning Port Said Shipyard into Global Hub for Shipbuilding
Taarek Refaat The Suez Canal Authority (SCA) is actively pursuing strategic partnerships to transform the Port Said shipyard into a world-class destination for shipbuilding, maintenance, repair, and environmentally friendly ship recycling services. A high-level delegation from Cyprus-based UW Group, a leading provider of ship repair and maintenance services to global shipping companies, met with Osama Rabie, Chairman of the Suez Canal Authority, at the Pilots' Building in Ismailia. The meeting aimed to explore future cooperation to enhance the competitiveness of Port Said's shipyard. The delegation included Vassilios Demetriadis, UW Group's Strategic Affairs Advisor, and Evangelos Tsangaridis, the Group's Chief Operating Officer. During the discussions, both parties explored potential partnerships and investment opportunities to develop the shipyard into a globally recognized facility capable of offering comprehensive shipbuilding, maintenance, repair, and green recycling services. Rabie reaffirmed the Suez Canal Authority's ambitious strategy to diversify its revenue streams by maximizing the value of its assets and upgrading the marine and logistical services offered. This aligns with the authority's vision to transform the canal into a global center for shipbuilding and marine unit services, including spare parts, repair, and maintenance. He expressed eagerness to open new avenues for collaboration with major players in the ship repair sector, emphasizing technology transfer, knowledge exchange, workforce training, and elevating the competitiveness of the SCA's shipyards to become the premier global destination offering high-quality services at competitive costs. He further outlined the authority's commitment to developing the Port Said shipyard into a state-of-the-art facility utilizing the latest global technologies, including new service lines like container repair and environmentally responsible ship recycling using advanced systems. Demetriadis highlighted the promising future for the Port Said shipyard, citing its strategic geographical location and strong physical and human resources as key factors positioning it as the optimal destination for Mediterranean ship repair and maintenance with advanced, eco-friendly approaches that align with rapid changes in maritime transport. While, Tsangaridis discussed plans to enhance mechanization across various operations, improve workforce efficiency, and adhere to environmental standards and sustainability principles consistent with the blue economy and the Suez Canal's green transformation strategy. The meeting concluded with agreement to study the partnership proposal further and arrange additional discussions focusing on technical and economic aspects. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
