The Suez Canal Authority (SCA) announced it would offer a 15% discount on transit fees for container ships with a net tonnage of at least 130,000 metric tonnes. The fee reduction is intended to encourage shipowners to return to the canal, as the security situation along the route has improved, Reuters reported.
According to a statement from the SCA, the discount will apply for 90 days from 15 May to qualifying container ships, regardless of whether they are fully laden or empty.
Last week, the head of the SCA met with representatives from shipping companies, who called for temporary incentives to help offset the rising cost of insuring vessels operating in the Red Sea, which they consider a high-risk area. The meeting followed a ceasefire agreement between the United States and the Houthis, under which the US agreed to halt airstrikes on the group in Yemen in exchange for a suspension of attacks on American vessels. However, the deal does not cover Israeli-flagged ships.
For Egypt, revenue from the Suez Canal is a vital source of foreign currency. In Q4 2024, income fell to $880.9 million – down from $2.4 billion a year earlier. The sharp decline was directly caused by Houthi attacks on vessels transiting the Red Sea.
