suez canal
Chairman of the Suez Canal Authority Osama Rabie inaugurated Tuesday in Safaga a factory for building tugboats as a subsidiary of the Red Sea Shipyard.
Egypt is actively overseeing the implementation of 80 port projects, with a total investment of LE 129 billion, in collaboration with 100 private sector companies.
Fitch noted that the direct exchange of strikes between Iran and Israel has raised the risks of an escalation of regional conflict beyond Gaza.
The meeting comes to discuss means of joint cooperation in the field of building ships and the different maritime units.
Currently, the authority is assessing the technical reasons behind the ship's tilting to the right side, and if there is any pollution incurred by the incident.
Soliman added that the priority in terms of location goes to the Mediterranean coasts, followed by those lying on the Red Sea, then the Suez Canal.
The company will specialize in the manufacturing and maintenance of yachts and marine units, with a commitment to meeting all necessary licensing and regulatory requirements
President El-Sisi pointed out the state's keenness to achieve strong, sustainable, and balanced economic growth, strengthen the role of the private sector, focus on the sectors of agriculture, industry, communications, information technology and tourism, and increase their contributions to the domestic product
"The museum will remain a memory for the canal and a witness to what it has gone through," Rabie added.
The latest PMI reading indicates a notable decrease in demand, output, and employment levels across various sectors of the Egyptian non-oil economy
The project aims to increase the capacity of the canal by 6 ships, and increase the navigational safety factor in that sector by 28%.
In response to the crisis, the Suez Canal Authority has held meetings with various stakeholders to address disruptions in global supply chains. Efforts have focused on mitigating the impact of prolonged journey times via the Cape of Good Hope route and addressing the lack of ports and logistical services along this route.
In contrast, the Cape of Good Hope witnessed a surge of nearly 75 percent in shipping volume, as stated by Kozack
Kozack emphasized that the IMF team and the Egyptian authorities have reached a consensus on the key components of the program, with the authorities demonstrating a strong commitment to its implementation
Mollema emphasized the strength of the strategic relations between the Netherlands and Egypt, acknowledging the pivotal role played by the Suez Canal as a vital link between Europe and Asia
In February, Osama Rabie, the Chairman of Suez Canal Authority, revealed that revenues for January 2024 had decreased by 46 percent, amounting to $428 million compared to $804 million in January 2023
"Before the Red Sea disruptions, 2-3 ships used to pass through the Suez Canal daily... currently no ships of the company are passing through the canal," CEO Hashimoto said on the sidelines of India Energy Week in Goa
U.S. Ambassador to Egypt Herro Mostafa Garg, who assumed office in November, paid the Suez Canal an official visit, meeting with Admiral Osama Rabie, the authority's chairman.
On his part, Mr. Guy Platten has expressed his appreciation of the SCA's efforts that are exerted towards achieving effective communication with all the key players in the maritime community. He emphasized the positive impact of communication on understanding the current conditions in the maritime transport market as well as the consecutive variables it witnesses.
It was hit on January while heading from Vietnam to Israel.
