
Incentives for major shipping companies boosted Suez Canal global standing: CMC
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:
Short link:
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mid East Info
7 hours ago
- Mid East Info
Masdar and Iberdrola Achieve Financial Close for €5.2 billion East Anglia THREE Offshore Wind Project - Middle East Business News and Information
Fotograaf: Project financing secured for approximately £3.6 billion (€4.1 billion) to fund the construction of 1.4GW offshore wind farm in the UK, set to be one of the largest in world Masdar's largest-ever financing facility and among the biggest for offshore wind globally to date Financing committed by 24 leading credit institutions, with oversubscription of 40% Abu Dhabi, United Arab Emirates/ Bilbao, Spain – July, 2025: Masdar, a global clean energy leader, and Iberdrola, one of the world's largest energy companies, today announced they have reached financial close for the 1.4-gigawatt (GW) East Anglia THREE offshore windfarm, in one of the biggest offshore wind transactions this decade. Project financing facilities totaling £3.6 billion (€4.1 billion) have been secured with 23 banks and the Danish Export Credit Agency (EIFO), in one of the biggest such transactions in the sector and the largest ever by Masdar. The financing will cover a substantial part of the total project costs, estimated at approximately €5.2 billion. The facility was oversubscribed by more than 40 percent, reflecting lenders' confidence in the project's fundamentals and the robustness of the partners. Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: 'The level and profile of investor interest in this financing deal – the largest we have ever signed at Masdar – reflects our position as a global leader in sustainable finance and investor appetite for high-quality renewable energy assets that deliver impact at scale. Today's announcement represents a significant step forward in our partnership with Iberdrola – and in the UK's clean energy journey, supporting the nation in meeting its energy transformation objectives. We look forward to collaborating further with Iberdrola on other gigawatt-scale greenfield projects that will help shape the future of clean energy in the UK and beyond.' Masdar and Iberdrola announced their co-investment in East Anglia THREE this month, with each party taking a 50 percent stake and having co-governance of the 1.4GW asset, which will be pivotal in advancing Europe's ambitious offshore wind development targets. Located off the Suffolk coast in the UK, East Anglia THREE will become one of the world's two largest offshore wind farms when it comes into operation in Q4 2026, delivering enough clean energy to power 1.3 million British homes. The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government's AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are expected to be created during construction, with 100 long-term roles supported across its lifetime. The co-investment in East Anglia THREE marks a significant milestone in the €15 billion strategic partnership Masdar and Iberdrola signed in December 2023 – one of the largest ever bilateral alliances in the global clean energy sector – to accelerate clean energy deployment across key markets including the United Kingdom, Germany, and the United States. The participating banks in the East Anglia THREE financing are: BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered Bank, Bank of Ireland, CIC and Siemens Bank. Crédit Agricole CIB and MUFG acted as financial advisors for the transaction and A&O and Shearman acted as legal advisor to the borrower. About Masdar: Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies. As a global clean energy leader, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transformation and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of 51 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.


Al-Ahram Weekly
2 days ago
- Al-Ahram Weekly
Liverpool sign Ekitiké from Frankfurt and take offseason spending to $342 million - World
Liverpool signed France forward Hugo Ekitiké from Eintracht Frankfurt on Wednesday to continue the Premier League champion's offseason spending spree. Ekitiké is Liverpool's latest big-money signing after Florian Wirtz, Jeremie Frimpong and Milos Kerkez — taking its outlay to around $342 million. The 23-year-old Ekitiké has joined for a fee of 69 million pounds ($93.5 million) and signed a six-year contract, a person with knowledge of the deal told The Associated Press. The person, who spoke on the condition of anonymity because details have not been made public, said the fee could rise by a further 10 million pounds ($13.5 million). We have reached an agreement for the transfer of Eintracht Frankfurt forward Hugo Ekitike, subject to international clearance 😎 — Liverpool FC (@LFC) July 23, 2025 Liverpool manager Arne Slot has been busy strengthening a team that won its record-equaling 20th English league title last season — in particular in attack. Wirtz, signed from Bayer Leverkusen last month for a fee that could rise to a British record 116 million pounds ($156 million), is considered one of the brightest talents in Europe. And Etikité is another player who has shone in Germany after leaving Paris Saint-Germain last year. He scored 22 in 48 appearances in his one full season with Frankfurt, which has made a big profit on him after buying him for a reported $19 million last year. Ekitiké's move comes weeks after Liverpool forward Diogo Jota died in a car accident in Spain. There is uncertainty about the future of other Liverpool forwards Darwin Nunez and Luis Diaz, who have both been targeted by teams in Europe during the offseason. The Merseyside club has not retained a league title since winning three in a row between 1982 and '84, which was before the inception of the Premier League. It is likely to face challenges from Manchester City, Arsenal and Chelsea, who have all been active in the transfer market since the end of the season. Ekitiké is the latest big-money departure from Frankfurt after forward Omar Marmoush joined Man City for a reported $73 million in January. Marmoush was the team's top-scorer at the time, but Ekitiké responded with his best performances in a Frankfurt shirt to help the team finish third in the Bundesliga for Champions League qualification. (For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.) Follow us on: Facebook Instagram Whatsapp Short link:


Al-Ahram Weekly
2 days ago
- Al-Ahram Weekly
Germany approves Eurofighter jet delivery to Turkey - Region
Germany said Wednesday it had approved the delivery of Eurofighter jets to Turkey, clearing the way for a deal that had been delayed by tensions between the two countries. Turkey had been in talks for several years on buying 40 of the aircraft, which are constructed by a consortium from Germany, Britain, Italy and Spain. The Typhoon jets are to be built in Britain and London is leading the negotiations. But all members of the consortium must sign off on the sale and Germany, which has clashed with Turkey over Israel's war on Gaza, had objected. However, the defence ministry had now "sent a written confirmation to the Turkish government confirming the approval of the export", government spokesman Stefan Kornelius told journalists in Berlin. News outlet Der Spiegel reported that Chancellor Friedrich Merz had bowed to pressure from British Prime Minister Keir Starmer, as the project is expected to support about 20,000 jobs in Britain. After Germany gave the green light to the sale, the Turkish and British defence ministers signed a preliminary agreement in Istanbul on Wednesday for the delivery of the jets. The sale "will strengthen the decades-long friendship between key NATO allies and will be an important step towards enhancing Turkey's advanced air combat capabilities", Turkey's defence ministry said. British Defence Secretary John Healey said the deal would "strengthen NATO's collective defence, and boost both our countries' industrial bases by securing thousands of skilled jobs across the UK for years to come". Turkey's request for the planes was submitted to the German government more than two years ago, but the two countries have since clashed over the war in Gaza. Ankara has vocally criticised Israel's offensive in the Palestinian territory while Berlin has been a staunch supporter of Israel, although it has voiced some criticism over the worsening humanitarian situation in Gaza. Follow us on: Facebook Instagram Whatsapp Short link: