In a bid to lure back global shipping traffic, the Suez Canal authority (SCA) has announced a 15% reduction in transit fees for container ships carrying a net load of over 130,000 tonnes. The discount will be in place for 90 days starting tomorrow, according to an official statement.

The SCA said the decision was made in response to requests from shipowners and operators, and aims to incentivize major shipping lines to resume using the canal, especially as security conditions in the red sea improve.

The canal’s revenues have taken a hit — dropping 62.3% year-on-year to $ 1.8 billion in the first half of FY 2024/2025 — after months of disruptions in the red sea led many vessels to reroute around Africa instead.

Earlier this week, Suez Canal authority chairman Osama Rabie called on international shipping companies to reconsider their routes and explore a gradual return to the canal, citing the stabilizing situation in the region.