Maersk plots a fresh course through Suez after signing new agreement

A.P. Moller-Maersk will resume transits through the Suez Canal in early December under a new strategic partnership agreement with the Suez Canal Authority (SCA), the parties announced. The deal marks the carrier’s initial step toward restoring full sailing capacity on the route, which remains a key corridor for produce importers moving product between Asia, the Middle East, Europe, and the United States.

SCA Chairman and Director Ossama Rabiee says he plans to begin discussions with all shipping lines to review schedules and “the timing of the return of transit through the Red Sea and the Bab el-Mandab Strait.” According to the SCA, talks with CMA CGM have already progressed, with the carrier deciding to fully resume Suez and Bab el-Mandab transits in December.

Rabiee says that since the Red Sea crisis began, the authority “has acted proactively by communicating with all shipping companies, expanding and diversifying its service network, and reinforcing its fleet with new maritime units.” 

He adds that the SCA adopted flexible pricing that includes a 15 percent toll reduction for container vessels exceeding 130,000 metric tonnes of deadweight, which converts to roughly 143,300 short tons.

Suez Canal volumes show signs of momentum

The agreement arrives as the SCA reports improving traffic through the waterway. In October, 1,136 ships moved through the canal with a total net tonnage of 47.1 million metric tonnes, generating $372.9 million in revenue, the authority says. That compares with 1,136 ships, 40.4 million metric tonnes, and $322.1 million in the year-earlier period.

In November, the SCA recorded 1,156 ships carrying 48.5 million metric tonnes and generating $383.4 million, up from 1,000 ships, 38.3 million metric tonnes, and $300.6 million a year earlier.

Vincent Clerc, CEO of A.P. Moller-Maersk, says the Suez Canal “has been, is and will continue to be a fundamental pillar for Maersk's maritime operations,” calling it “the most suitable and efficient waterway for global trade between East and West.”

The agreement was signed by Gamal Abu El-Kheir, director of the SCA’s Management Department, and Rabab Boulos, Maersk’s chief operations officer and executive board member.

*All photos courtesy of SCA.

Related stories 

Shipping giant Maersk 'well-positioned' for fluctuating market landscape after stable Q3 performance

Maersk invests $100M+ in South Africa's critical cold chain, boosting perishable exports

Maersk changes transatlantic service due to port congestion in Northern Europe