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French Cargo Giant 'CMA CGM' Resumes Services via Suez Canal by Mid-June

Taarek Refaat French shipping giant CMA CGM remains the only major global operator that has resumed its services via the Suez Canal. As of mid-June, CMA CGM plans to restart the Med Express (MEDEX) service via the Suez Canal, with the support of the French Navy. While the Asia-Europe trade line continues to grow, it is not the fastest growing, over the past 12 months, and services linked to Latin America have recorded the greatest growth, with the size of the fleet operating in Latin American services now quite similar to the capacity of all ships serving the Middle East and the Indian subcontinent. The Red Sea shipping crisis and the need to take a much longer route through the Cape of Good Hope has raised the total cargo vessels there from a fifth to a quarter, according to a new study by Alfaliner. In just two years, carriers have added 2.26 million TEUs equivalent to 20 feet of additional capacity on the Asia-Europe trade corridor, bringing the total fleet on this route to 7.8 million TEUs. With 24.4% of the world's fleet now trading on this route, which is the largest shipping lane for the shipping fleet, according to Alvaliner data and two years ago, the ratio was 20.8%. When container ships change their route from the Suez Canal to cross the Cape of Good Hope, the trade route between Asia and Europe becomes longer by about 3,500 to 4,500 nautical miles (6,500 to 8,300 kilometers), depending on the ports of origin and destination, and this transfer usually adds 10 to 14 days to transit times, depending on the speed of the ship. Although US President Donald Trump last month said that more than 17 months later, the Red Sea shipping crisis, triggered by the Houthis, is coming to an end, most shipping companies questioned in recent quarterly results have insisted that it is still too early to resume Red Sea crossings. For example, Maersk CEO Vincent Klerk said it would be "irresponsible" to resume Red Sea crossings based on an unclear ceasefire agreement, warning that the area remains too volatile to be returned safely. 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 China Launches Largest Ever Aircraft Carrier 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 News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream