Chairman reveals Ukraine War impact on Egypt's Suez Canal

CAIRO – 15 March 2022: Chairman of the Suez Canal Authority Osama Rabie stated in a phone-in Monday that the impact of Ukraine War is still insignificant until present; however, he anticipates that the flow of vessels navigating the Black Sea will eventually decline.  

On the other hand, Rabie anticipated that the speculated rising European demand on the oil and gas of the Arab Gulf would counterbalance such setback or even have a positive outcome on the Suez Canal.   

Speaking of figures, the authority chairman pointed out that 216 ships crossed the Suez Canal in the past week compared to 199 during the same period in 2021, with a rise of 8.5 percent.

Nevertheless, Rabie said that such figures are not sufficient to make an assessment of the war's impact on the Suez Canal, affirming that the authority has a plan to deal with various scenarios, the same as it was prepared amid the outbreak of COVID-19.

Clarifying the reasons behind the cancellation of the 15-percent discount offered to liquefied gas tankers, Rabie said the decision is due to the rise of oil and gas prices, and the increase of global trade and maritime transport, as indicated by January and February reports.