Suez Canal Offers 15% Discount to Woo Cargo Ships

EGYPT'S SUEZ CANAL Authority (SCA) is offering a 15% discount from May 15 on transit fee to cargo ships of minimum 130,000 mt capacity, underscoring the impact that the Red Sea security crisis has had on the waterway critical to the shortest maritime route to the Mediterranean Sea and beyond from the Arab peninsula, north-east Africa, and the Arabian Sea.

- ISHAAN MITAL

"The SCA has issued incentives and reductions of 15% on the transit tolls of container ships of 130,000 tonnes or more in net tonnage (loaded or in ballast) for 90 days," said admiral Ossama Rabiee, SCA chairman and MD after a meeting with the Italian ambassador to Egypt, Michele Quaroni.