Suez Canal Authority offers 15% transit fee discount for large container ships

The Suez Canal Authority has announced a temporary 15% discount on transit fees for large container ships, in a bid to mitigate the financial impact of ongoing regional instability.

According to Osama Rabie, Chairman of the Suez Canal Authority, the discount will apply to vessels with a deadweight tonnage of 130,000 tonnes or more, Caliber.Az reports per foreign media.

The measure will be in place for a period of 90 days, starting Thursday, May 15.

The decision comes as Egypt grapples with significant losses stemming from disruptions in the Red Sea region.

President Abdel Fattah el-Sisi recently stated that the canal has been losing approximately $800 million per month due to the security situation, with total losses in 2024 reaching around $7 billion. He noted that Suez Canal revenues have declined by more than 60% compared to 2023.

By Aghakazim Guliyev