The Suez Canal Authority will offer a 15 per cent discount on transit tolls for large container vessels in a bid to draw back major shipping lines and reinforce its status as a global trade artery, the authority's chairman said Tuesday. The discount will apply to container ships with a net tonnage of 130,000 tonnes or more — whether laden or empty — starting May 15 for a 90-day period, according to Chairman Osama Rabie. The measure comes as relative stability returns to the Red Sea after months of regional disruptions that had diverted traffic away from the vital waterway. Rabie said the move follows requests from shipowners and operators and forms part of the Canal's strategy to preserve competitiveness amid shifting global trade routes. "We're responding directly to market needs," he said. The announcement was made during a meeting between Rabie and Italian Ambassador Michele Quaroni in Cairo, where the two discussed expanding cooperation in ship repair, maritime tourism, and logistics. The Suez Canal Authority is also seeking partnerships with international firms, with Rabie highlighting Italy as a priority market. He added that efforts are underway to attract more Italian yachts to use the Canal and dock at affiliated marinas — a faster and more cost-efficient route compared to sailing around the Cape of Good Hope. The Suez Canal, which handles about 12% of global trade, has faced headwinds in recent months due to geopolitical tensions in the Red Sea, forcing many carriers to reroute vessels around Africa, adding time and cost to shipments. Attribution: Amwal Ghad English Subediting: Y.Yasser
