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Maersk Vessels to Resume Transit via Suez Canal from the Start of December, Canal Authority Says

United States Navy aircraft carrier USS Dwight D. Eisenhower (CVN 69) approaches the Friendship Bridge during a Suez Canal transit in this picture taken April 2, 2021 and released by US Navy on April 3, 2021. (Reuters)
United States Navy aircraft carrier USS Dwight D. Eisenhower (CVN 69) approaches the Friendship Bridge during a Suez Canal transit in this picture taken April 2, 2021 and released by US Navy on April 3, 2021. (Reuters)
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Maersk Vessels to Resume Transit via Suez Canal from the Start of December, Canal Authority Says

United States Navy aircraft carrier USS Dwight D. Eisenhower (CVN 69) approaches the Friendship Bridge during a Suez Canal transit in this picture taken April 2, 2021 and released by US Navy on April 3, 2021. (Reuters)
United States Navy aircraft carrier USS Dwight D. Eisenhower (CVN 69) approaches the Friendship Bridge during a Suez Canal transit in this picture taken April 2, 2021 and released by US Navy on April 3, 2021. (Reuters)

Maersk container ships will resume transit via the Suez Canal on a partial basis from the beginning of December prior to a full return, the Suez Canal Authority said in a joint statement with the Danish company on Tuesday.

Also, CEO Vincent Clerc stated on Tuesday that the shipping company will take steps to resume navigation through the Red Sea via the Suez Canal as soon as conditions allow. 

Maersk began diverting vessels away from the Gulf of Aden and Red Sea towards the southern tip of Africa in January 2024 after an attack on one of its ships by Yemen's Houthi militants, who attacked ships in solidarity with Palestinians in Gaza.

The company has been encouraged by the peace process in Gaza, which would establish freedom of navigation in the Bab al-Mandab strait that links the Gulf of Aden and the Red Sea, Clerc added in a joint press conference with Suez Canal Authority Chairman Osama Rabie in Egypt.

"Given the significant progress in both Gaza and Bab al-Mandab, Maersk will take steps to resume navigation around the East West corridor via the Suez Canal and the Red Sea, and normalise transit over time," Clerc said.

Maersk will resume navigating via the Red Sea "as soon as conditions allow, with the safety of our crew as a top priority", Clerc added.

The Suez Canal Authority and Maersk signed a strategic partnership agreement during the press conference.

 

 

 

 

 

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Business

Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.

Business

Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.

Business

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.