Tag: Suez Canal

The transfer of 150,000 tons of oil from the tanker Sounion to the tanker Delta Blue began on 6 November, using portable equipment at a secure anchorage in Suez.

According to reports, Chairman El-Dein stated that the Egypt’s Suez Canal Economic Zone (SCEZ) plans to invest $3 billion on infrastructure.

Egyptian Foreign Minister Badr Abdelatty, in a meeting with IMO Secretary General, Arsenio Dominguez, highlighted the impact of Houthi attacks, noting that these incidents have hurt Egypt's economy and led to Suez Canal revenue losses estimated at $6 billion.

Maersk anticipates sustained strong demand for global shipping in the near future, although it plans to avoid using the Suez Canal until at least 2025 due to security concerns linked to Red Sea attacks, Reuters reports. 

The American Club has issued an alert on 29 October regarding the prevention of claims during transit in the Suez Canal.

Suez Canal revenues have experienced a significant decline this year, with May 2024 recording about $337.8 million, a steep drop from $648 million in May 2023, marking a 64.3% decrease, according to Al-Mal news.

Hapag-Lloyd does not expect the shipping industry to resume using the Suez Canal anytime soon, even if a ceasefire between Hamas and Israel is reached.

AD Ports Group, Transmar, and Orascom Construction have signed a Memorandum of Understanding (MoU) for the development of a green methanol storage and export facility in Suez Canal Area. 

The U.S. military has refuted claims by the Yemeni Houthi movement that it successfully attacked the American cargo ship "Ocean Jazz" in the Gulf of Aden.

The global shipping industry is currently facing a significant challenge as tensions escalate in the Red Sea region, forcing companies and organisations to take action.