Latest news with #SuezCanalAuthority
Egypt Today
2 days ago
- Business
- Egypt Today
Egypt's Suez Canal Authority holds meeting with IUMI representatives
The Suez Canal Authority (SCA) officials held an expanded meeting with representatives of the International Union of Marine Insurance (IUMI) on May 29, 2025- press photo CAIRO – 29 May 2025: The Suez Canal Authority (SCA) held an expanded meeting with representatives of the International Union of Marine Insurance (IUMI) to discuss key developments in the maritime insurance sector and strengthen cooperation between the two institutions. The meeting was chaired by Mr. Frédéric Denefle, President of IUMI; Mr. Lars Lange, Secretary General of IUMI; and Mr. Mohamed Hassan Farghali, Managing Director of the Suez Canal Insurance Company. Several members of the SCA's Board of Directors were also in attendance. Discussions focused on global trends and challenges affecting the maritime insurance sector, particularly in relation to the security situation in the Red Sea region, which has contributed to a noticeable increase in marine insurance premiums for vessels transiting the area. Both parties explored regional opportunities, mechanisms for future cooperation, and ways to enhance risk assessment strategies, especially in light of the positive security indicators emerging in the region. The meeting also reviewed the proactive safety measures undertaken by the Suez Canal Authority to ensure safe and efficient navigation. Egyptian officials reaffirmed the Authority's full commitment to maintaining the highest standards of navigational safety, backed by the Canal's strong safety performance metrics. In 2023, the Suez Canal recorded a navigational emergency rate of just 0.06%, a figure considered extremely low given that the Canal saw its highest annual traffic ever, with 26,434 ships transiting during the year. SCA representatives emphasized the Authority's ongoing efforts to enhance infrastructure and navigational capabilities, citing the success of the Southern Sector Development Project. This initiative has led to a 28% increase in navigational safety by reducing ocean current intensity and improving maneuverability for vessels, while also providing a comprehensive navigational support package. The meeting concluded with a mutual understanding of the importance of continued dialogue and collaboration to support a secure, efficient, and sustainable maritime industry.
Middle East
3 days ago
- Business
- Middle East
OPEN// PM: No alternatives to continuing work on debt reduction
CAIRO, May 28 (MENA) - Prime Minister Mostafa Madbouli said Wednesday there is no alternative to continuing work on a plan to reduce debt rates and sustain a downward trajectory. This came during a meeting he chaired this evening at the government headquarters in the New Administrative Capital, to review a number of proposals that will contribute to reducing debt to GDP ratio. The meeting was attended by a number of officials, including Minister of Finance Ahmed Kouchouck, and Chairman of the Suez Canal Authority Osama Rabie. The meeting discussed a number of proposals that will contribute to reducing debt, thus achieving the government's objectives in this regard, government spokesperson Mohamed el-Homsany said. The meeting also tackled efforts to strengthen the country's foreign currency reserves from various sources, including foreign direct investment (FDIs), exports, Suez Canal revenues, remittances from Egyptians abroad, and others. (MENA) A I E/S R E
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Suez Canal Renews Incentives for Various Vessels until end of 2025
Taarek Refaat The Suez Canal Authority has renewed its decision to implement the reduction granted to chemical and other liquid tankers, loaded or empty, operating on direct voyages between the US Gulf—starting from the Port of Miami and ports located west of it within the US Gulf, and ports located south of the US Gulf on the one hand, and regions of India and its easternmost regions on the other—until December 31, 2025. A shipping circular confirmed that these incentives include granting chemical tankers operating between the US Gulf and ports west of the Indian subcontinent, starting from the port of Karachi in Pakistan to the port of Cochin in western India—a 25% reduction in transit fees. The Suez Canal is one of the most important shipping lanes in the world, as it is the shortest shipping route between Europe and Asia and one of the most important sources of foreign currency for the Egyptian economy. The incentives for tankers operating between the US Gulf and ports east of the port of Cochin, up to and including Port Klang, are being extended to a 55% reduction, while the Malaysian port of Port Klang and its easternmost regions are being granted a 75% reduction in regular fees until the end of this year. The Suez Canal Authority has also decided to continue granting chemical and other liquid tankers, both loaded and empty, operating between the ports of the east coast of North America—located north of the Port of Miami—to India and its eastern side. Ports east of the Port of Cochin up to and including Port Klang receive a 25% discount on tolls, while those operating up to and east of Port Klang receive a 35% discount on regular tolls. The Suez Canal Authority has renewed the discounts offered to loaded and empty car carriers operating directly between the ports of the east coast of the Americas and the Gulf of Mexico on the one hand, and the ports of the Far East and Southeast Asia, starting with Port Klang and its eastern side, on the other, until December 31, 2025. In a navigational circular reviewed by Al Mal, the Authority confirmed that the incentives include a 40% discount on regular tolls for car carriers operating between Norfolk and its northern side on the one hand, and Port Klang and its eastern side on the other. A further 55% discount is offered to vessels operating between the ports south of Port Klang. Norfolk on one side and the ports of Port Klang and to the east. Car carriers represent approximately 0.29% of the types of vessels transiting the Suez Canal in 2024. The Suez Canal Authority has renewed incentives offered to dry bulk vessels, both loaded and empty, operating in both directions between the ports of Mauritania and its southernmost ports in West Africa and the ports of the Arabian Gulf, India, its eastern regions, and the Far East. These incentives range from 15% to 75%, until December 2025. Dry bulk vessels represent approximately 27.3% of the total tonnage of trade transiting the Suez Canal during the first quarter of 2025. The Suez Canal Authority has decided to extend the discount granted to liquefied petroleum gas (LPG) carriers on their direct voyages, whether loaded or empty, operating between the ports of the East Coast of the Americas and the Gulf of Mexico and the ports of India and its eastern regions, until December 31, 2025. The Authority confirmed in a navigational notice on its website that the incentives include grants to LPG carriers. Loaded and empty LPG vessels operating between the US Gulf starting from the Port of Miami and the ports located to the west of it within the US Gulf, as well as the ports located to the south of the US Gulf on the one hand and the ports of western India and the Maldives up to the Port of Cochin, will receive a 25% discount on the regular transit fees. 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
See - Sada Elbalad
6 days ago
- 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
CairoScene
6 days ago
- Health
- CairoScene
Maritime Ambulance Service Launches on Egypt's Mediterranean Coast
A maritime ambulance service has begun operations, with locally manufactured vessels providing emergency care at sea. May 25, 2025 A new maritime ambulance service has officially launched on the Mediterranean coast. The announcement was made during the celebration of the 123rd anniversary of the Egyptian Ambulance Authority. Three sea ambulances have been deployed along Egypt's northern coast, each equipped with intensive care units, advanced communication systems, and medical equipment designed for rapid response in offshore emergencies. The vessels are intended to enhance Egypt's ability to provide medical assistance in maritime environments, including for individuals on commercial ships, fishing boats, and tourist vessels. "We have launched the marine ambulance service for the first time in the Arab Republic of Egypt with a force of three marine ambulances that were manufactured and fully equipped inside Egypt to provide ambulance services on the Egyptian coasts, out of six ambulances that are being manufactured in cooperation with the Suez Canal Authority,' Prime Minister Dr Mostafa Madbouly said during the announcement. 'The mobile phone application, Esaafni, was also launched to enable citizens to easily request non-emergency services in 13 governorates.' Officials from the Egyptian Ambulance Authority confirmed that the three ambulances were designed and constructed in Egypt, supporting national industry while meeting international safety and medical standards. The maritime ambulances will operate in coordination with coastal emergency centres, under the unified emergency number 123.
