Chairman of Suez Canal Authority, Osama Rabie, said the authority aims to restore ship traffic and revenues to their 2023 levels, when transits exceeded 26,000 vessels and revenues reached $10.2 billion, responding to a question by Asharq Bloomberg.

Rabie’s comments came during a joint press conference in Ismailia between the Authority and Maersk to announce the gradual resumption of the Danish shipping giant’s transits through the Canal.

In an interview with Asharq, Rabie noted that Maersk’s decision to resume passage would not have been possible without the peace agreement reached in Sharm El-Sheikh and the subsequent halt of Houthi attacks on ships in the Red Sea and Bab al-Mandab Strait.

He added that he was also informed that CMA CGM will begin rerouting its vessels through the Canal starting December.

Rabie stressed that the return of the two major shipping lines is expected to encourage other companies to follow suit.

 He said Maersk typically sends more than 1,000 large-capacity vessels through the canal annually under normal conditions, and “their return will positively impact Canal revenues.”

 According to Rabie, Suez Canal revenues rose 28% in November compared to the same month last year, driven by a 25% increase in the number of transiting vessels.

He expects total revenues for the current year to surpass $4 billion, slightly higher than 2024, before returning to a gradual upward trajectory starting next year.

Regarding the 15% fee-reduction incentives offered to certain vessels, Rabie said the scheme has been extended for three more months, through March 2026.

He added that transit fees will remain unchanged next year, while the Authority is studying new incentive packages linked to vessel numbers and cargo tonnage.

On the Authority’s investment projects, Rabie revealed that South Korea is investing $146 million to build six LNG-powered tugboats and a liquefaction station in Port Said to fuel ships.

He added that this investment complements Anchorage’s petrochemicals project for export, as well as the Authority’s joint venture with the Red Sea South Shipyard to build tugboats and fishing vessels, some of which will be earmarked for export.