The Suez Canal Authority (SCA) has announced its readiness to operate at full capacity, aiming to facilitate the smooth flow of global trade through the canal. This statement was released following a meeting between SCA chairman Osama Rabie and International Maritime Organization (IMO) secretary-general Arsenio Dominguez, where they discussed measures to resume maritime traffic. Rabie attributed the canal's operational resumption to the restoration of stability in the Red Sea and Bab al-Mandab regions, underscoring the canal's role in global trade.
Despite facing challenges due to regional tensions that led to a significant drop in vessel traffic and transit revenues, the Suez Canal is witnessing a turnaround. The canal has started receiving vessels from the CMA CGM's EPIC service, marking a positive shift in its operations. Rabie highlighted the SCA's commitment to enhancing maritime services by introducing ship repair, maintenance, and other support services, aiming to meet the evolving needs of the shipping industry.
Furthermore, the SCA is focusing on developing the southern sector of the canal and has announced the operational phase of the Suez Canal expansion project in the Small Bitter Lakes, set to commence in the first quarter of 2025. This expansion aims to increase the canal's capacity and improve its emergency response capabilities.
The "Green Suez Canal" initiative is another significant step towards promoting environmental sustainability, with efforts including the development of eco-friendly vessels and the use of clean energy. The SCA is also upgrading its fleet, with the construction of new pilots and tugboats to enhance operational efficiency.
With an anticipated revenue of $9 billion for the 2024/2025 fiscal year, the Suez Canal is poised for growth. Dominguez emphasized the canal's strategic importance for global trade and commended the SCA's advancements in navigational and logistical services, expressing interest in future collaboration on pollution control training programs.
Source: SIS Egypt