Osama Rabie, the head of the Suez Canal Authority, held a virtual meeting today with Soren Toft, the CEO of MSC Group, and Rafael Borzio, the Director of Operations Network within the group. The meeting, attended by Tarek Fahmy, Chairman of the Board of MSC Group in Egypt, focused on collaborative efforts and discussed the evolving situations in the Red Sea and the Bab el Mandeb region. Rabie emphasized the Canal Authority's commitment to continuous consultation with its clients, coordinating directly to identify joint mechanisms aimed at mitigating the impacts of the current crisis. This crisis presents additional challenges to the transit of trade through the canal and global supply chains. The meeting addressed developments in the Red Sea and the Bab el Mandeb, along with a review of MSC's navigation policies in the Suez Canal. Rabie acknowledged the successful bilateral cooperation between the Suez Canal Authority and MSC, considering it a model for extended strategic relationships. He expressed understanding of the security concerns affecting the group's navigation policies and affirmed his ongoing readiness for collaboration to meet current challenges. Soren Toft, the CEO of MSC Group, assured readiness to resume transiting the Suez Canal once the security situation stabilizes in the Red Sea and the Bab el Mandeb region. He highlighted the complexity and heightened security concerns in the Red Sea, impacting the safety of crews and vessels, particularly following attacks on some group-affiliated ships in the Bab el Mandeb. The CEO of MSC Group appreciated the joint coordination with the Suez Canal Authority in overcoming challenges arising from the current situation, negatively impacting global supply chains due to delayed arrivals of goods and increased sailing periods. Toft underscored MSC Group's commitment to enhancing cooperation with the Egyptian state and the Suez Canal in the upcoming period. In this regard, the group intends to inject additional investments into promising logistical projects.
