FAMAGUSTA GAZETTE- The Suez Canal Authority has introduced a 15% discount for large container ships for 90 days, aiming to restore confidence in the world’s busiest shipping lane after a sharp revenue decline in 2024.
The incentive, effective May 15, applies to ships exceeding 130,000 tons. Canal revenues plunged 60% in 2024, falling from a record $10.3 billion in 2023 to $4 billion, as many shipping companies opted for longer routes via the Cape of Good Hope due to Houthi attacks in the Red Sea.
Despite a ceasefire agreement, concerns remain in the shipping industry. Peter Sand, head of analysis at Xeneta, noted that the US-Houthi truce does not guarantee complete stability, as the Houthis have not clarified whether the deal applies to Israel, leaving potential threats to vessels linked to Israeli interests.